Recognition Archives

How To Finish The Year On A High And Relax!

You know it’s coming.

You can literally feel the change of season in the air.

Yet somehow, the end of the year always has a habit of sneaking up on us.

We get so caught up in doing all the things throughout the year, that suddenly it comes as a surprise that we are going to stop for a bit.

The good news is that it is almost time to relax and celebrate the end of another year.

Keep reading to see how you can do that in a positive way and appreciate your team for all the hard work they have put in.

Let’s get into it.

How To Finish The Year On A High

Show Appreciation

Every day your team members ideally show up and work their hardest. The end of the year is the perfect time to show your appreciation for their dedication. The great thing is, there are plenty of ways that you can express your gratitude.

Here are a few ideas:

Gifts: Probably the most traditional form of showing gratitude is giving a gift. Choose something thoughtful that is both practical and appropriate. Gift cards, personalised choices, or something that aligns with their hobbies will show that you appreciate and respect what they do.
Personalised Notes: You don’t have to spend up large to show your appreciation. A handwritten, personalised note can be a lovely way to highlight the individual achievements or qualities you respect about each of your team members.
Gratitude Day: You could offer each of your team members a bonus day of paid leave as a special gesture of appreciation for all of their hard work throughout the year.
Appreciation Meal: Hosting a special meal simply to show thanks will give you a special space to highlight and acknowledge the individual contributions your team has made.
Gratitude Wall: Share the love around your workplace by setting up a physical Gratitude Wall where your team members can leave messages of appreciation for each other. Not only does this show your thanks, but it also helps to promote a positive team culture.
Awards Ceremony: Host a fun Awards evening or afternoon where everyone gets to dress up and receive their very own certificates for performance, innovation, teamwork, or being the one in the office who empties the kitchen bin the most!

Celebrate Successes

Celebrating the achievements that your team have made during the year is an awesome way to maintain a positive work culture. While you will (hopefully) have acknowledged the successes at the time they occurred, it can be fun and rewarding for the team to recap the greatest hits of the year.

You can do this in any way you feel is appropriate. It can be done at an end of year celebration, during a team meeting, or individual personalised messages to each team member.

You should also encourage everyone to share their own success stories, and give recognition to their peers and colleagues where appropriate. Using a holistic approach where everyone shares will really make it a meaningful experience for all.

End Of Year Celebration

The term “Office Christmas Party” can be a loaded one! So, let’s scrap the traditional terminology and bring everyone together for an end of year celebration instead. That way, you don’t have to worry about the cheesy connotations or potential bad behaviour!

Instead, you can focus on the main purpose of the event – to celebrate a job well done together.

This is particularly important in the post-Covid work environment where people might not all be in the workplace together at one time. Remote working, flexible hours, and multi-location working are all wonderful additions for your team, but it might mean that they don’t get to spend the same amount of time in each other’s company that they did previously.

An end of year celebration can be the perfect time to reconnect, interact, and generally enjoy a fun experience together.

Planning Your Celebration

While in the workplace, your team will be very conscious of displaying their professional persona. But, the great thing about an end of year celebration is that they get to relax and be themselves. Your team might even get to learn a bit more about themselves and see some personalities shine through.

In order for that to happen, you need to build a fun and interactive environment. Holding your celebration away from the workspace is a great way to encourage this as you can literally leave the work behind!

Choose something that all of your team can participate in and enjoy. You can choose anything! Here are some fun ideas:

Beach BBQ
Family Day Out
Spa Day
Canvas Painting Session
Cocktail Mixing
Cooking Classes
Go Karting
Bowling
Mini Golf
Escape Room
Arcade Afternoon
Ropes Course
Rock Climbing
Comedy Club, Show or Concert
Team Lunch or Dinner

The whole idea is to create a positive vibe that they can carry into their holidays and the new year.

Creating A Holiday Vibe

While it is exciting to close off for the end of the year, there is still the last of your year’s tasks to finish before that can happen. December can be an exceptionally stressful time as there are plenty of deadlines to meet, lots of jobs to tidy up before the holiday break not to mention the end of year family commitments to fit in!

Here are some ways you can keep the stress levels down and the productivity flowing:

Prioritise: help your team manage their workload by prioritising their tasks, setting realistic goals about what can be achieved and ditching the things that can wait for the new year.
Communication: open and clear communication about expectations, deadlines and priorities is essential in the busy season. Quickly advise of any changes in schedules or tasks too.
Flexibility: if possible, offer flexible working times and locations so that your team can balance their work and personal commitments.
Support Wellbeing: the end of the year is the prime time for burnout, so encourage self-care practices amongst your team. Help them with stress management, mindfulness and maintaining a healthy work-life balance.
Encourage Collaboration: emphasise the power of teamwork, collaboration and sharing responsibilities to get things done. Have your team support each other so that no one has to feel stressed and isolated.
Embrace Holiday Spirit: create a festive atmosphere and get people in the mood for the holidays by decorating for Christmas, playing holiday themed music, and organising a Secret Santa. These fun things can keep morale high and build a positive vibe.

Call For Help

If there is anything your team cannot manage, then make sure you call in the experts to help. Here at Spice HR, we want you to roll into the end of the year feeling accomplished, relaxed and productive. So, we are on hand to help with any of your HR related inquiries both now and into the new year.

Get in touch with the Spice Gals now if we can help with anything related to your people-focused solutions.

How To Create Inclusion With Cultural Diversity In The Workplace

The world is an amazing place. Packed full of rich cultures, there are people from every corner of the world who have something unique and beautiful to offer.

Which is why celebrating the richness of the world’s cultures is the focus of World Cultural Diversity Day. Held every year on 21 May, its purpose is to generate social cohesion and promote intercultural dialogue to help achieve peace and sustainable development.

So, with this important day looming, we thought it was the perfect opportunity to explore the importance of embracing cultural diversity in the workplace.

Let’s look at what workplace cultural diversity is, why it is beneficial for your business and how you can create an inclusive workplace culture for all.

How To Create Inclusion With Cultural Diversity In The Workplace

Recognising Cultural Diversity In The Workplace

New Zealand is an incredibly diverse place. We have a large range of cultures, ethnicities and religions living in our beautiful country. Recognising this cultural diversity in the workplace is not only essential, but it can also be very beneficial!

Employees from different cultural backgrounds work alongside each other every day. So, it’s imperative to recognise the needs and values of the different cultures, ethnicities and nationalities amongst your team.

Successful businesses are increasingly those that recognise the importance of promoting cultural diversity in the workplace and who take deliberate steps to create inclusive environments, allowing team members of all backgrounds to thrive.

What Embracing Diversity Can Do For Business

There are many reasons to embrace cultural diversity in your workplace. Firstly, as we’ve already mentioned, we live in a diverse society, so any number of cultures can be represented in a workplace. Recognising and embracing that allows people to be comfortable in their workplace and allows them to be at their best every day.

When people are comfortable, they thrive. Being part of a diverse and inclusive environment creates increased creativity and innovation, improved problem-solving abilities, and a better understanding of different perspectives and ideas. Creating a welcoming workplace culture that values diversity promotes a place of respect for all team members.

Aside from the team culture aspect, it is important to note that many younger employees (who make up a growing proportion of workers) hesitate to join organisations with poor ethics and diversity. So, it could actually be detrimental to your business to ignore the diversity that no doubt exists in your workplace!

The Benefits Of Workplace Cultural Diversity

Cultural diversity can bring many benefits for both employers and employees. Some of the key benefits are:

Better understanding: Working with people from different cultural backgrounds brings the opportunity to learn from each other and gain a better understanding of different customs, beliefs, and values. This can lead to an overall greater cultural awareness and more sensitivity, which can improve communication and collaboration.
Improved customer service: Having employees who understand and can relate to different cultural groups can be a real advantage in terms of customer service. Customers will feel more comfortable and valued when they encounter employees who share their cultural background or are sensitive to different cultural needs.
Greater innovation: A diverse workplace brings together people with different backgrounds, skills, experiences, and perspectives. This can lead to greater creativity and innovation as employees are consistently exposed to new ideas and ways of thinking.
Improved problem solving: As well as innovation, diverse teams are often better equipped to solve complex problems. That is because they bring different perspectives and approaches to the table. This can result in more effective problem-solving and decision-making company-wide, giving your business a competitive advantage.
Employee retention: When employees feel valued and respected for their unique contributions and perspectives, they are more likely to be engaged and committed to their work. This can lead to higher levels of job satisfaction and lower turnover rates.

Increased profits: Being known as a culturally diverse company earns you a great reputation, both as an employer and as a company of choice for customers. People who align with your company values will choose to shop with you, potentially leading to increased profits.

How To Embrace Cultural Diversity In The Workplace

Creating a harmonious, culturally diverse workplace doesn’t have to be hard. Here are some of our best tips to make it happen:

Company Values

Consider ways that you can tie your organisation’s core values to your employee’s personal principles. This will give them a strong connection with your business. Not only does this help to create cultural diversity in the workplace, but it can also increase engagement within your team and improve staff retention.

Conscious Recruitment

When you recruit consciously, you are aligning your hiring process with your organisation’s mission and long-term goals. It involves looking at each candidate in depth, not only to assess their skills, but also how they would fit into your organisation as a whole and whether they believe in your mission and align with your values.

The great thing about recruiting in this way is that you can share your values around cultural diversity to avoid bias when hiring.

Celebrate Different Cultures

We can all learn a lot from each other whether it be skills, knowledge or cultural experience. By celebrating different cultures in your workplace, you can integrate and recognise other cultural values and points of view for greater understanding and communication.

Encourage inclusion by hosting shared cultural lunches and recognising specific festivals or other significant dates. Not only are you promoting learning and acceptance, but you can all have a great time while doing it!

Adopt Flexibility

You may find that people from different cultures have different needs in the workplace. So, adopting flexibility will allow you to cater for everyone. Get to know your team members and ask them what their individual needs are. Then, come up with a way that each employee can maximise their opportunities while still adhering to their culture. Remember, one size does not have to fit all!

Encourage Communication

We may not all speak the same native language, but we can all still achieve excellent levels of communication. Ensure you have a workplace that creates spaces for open and honest conversations. Address conflict as soon as it arises and encourage awareness and respect amongst your team.

Consider Cross-Cultural Awareness

You may even choose to undertake a cross-cultural awareness programme within your organisation. This is a form of training that helps all your team understand and respect the cultural diversity that exists within their workplace. It helps address language barriers, and specific cultural communication styles while promoting being open to the differences in each culture without stereotyping or bias.

Embracing Cultural Diversity

Diversity is part of what makes the world a fascinating place and promoting inclusion in your workplace can have many benefits for employers and employees.

So, if you are ready to embrace diversity in your workplace, we are ready to help you do it. Chat to the Spice Gals today about how to create an environment of inclusion.

Staff Retention: Why It’s The Key To Your Business Success

As an employer, what should be your biggest goal this year?

Bigger profits? More sales? Adopting AI?

While these things might be important, we strongly believe you should be putting your focus on another area of your business … staff retention.

Staff retention will be crucial for your organisation’s success as it helps to build continuity, reduce costs, increase productivity, improve customer service and SO much more.

So, how do you achieve good staff retention?

Let’s look into that concept now.

Staff Retention: Why It’s The Key To Your Business Success

The Importance Of Staff Retention

Good staff retention is excellent for your business, especially during the trying times we are currently living in. Here are just a few reasons why that is:

Saves Money: Recruiting and training new team members costs a lot in time, physical spend, and potential downtime for your business. That spend does not need to happen if you retain your current skilled staff.
Boosted Productivity: Experienced team members are more productive than brand new ones as they have a better understanding of your business goals and objectives. They are also more familiar with your culture and processes, allowing them to get on with their work quickly and effectively.
Great Customer Service: Being with an organisation for an extended period of time lets you get insight into the needs of the customers. This insight helps your experienced staff to deliver top level customer service; in turn, building customer trust and loyalty.
Knowledge Retention: By retaining your experienced employees, you also retain the knowledge they have developed while working with you. This knowledge is difficult to replace and can be critical to the ongoing success of your business.
Team Cohesion: High staff turnover is not good for team morale. It creates disruption and a situation where a continually changing set of personalities needs to find a way to work together harmoniously. Staff retention builds a more stable and cohesive team allowing for powerful collaboration.

These elements will be vital to the long-term success of your business.

Encouraging Good Staff Retention

With a potential recession looming, the last thing you want to be doing is replacing good employees because they are not feeling heard or valued. If your key employees walk out the door, then it will cost you a lot of time and money to replace them.

Retaining your key talent should be top of your priority list!

Here are just some of the ways you can do that:

Stay Interview

The Stay Interview is here to stay! But what is it? Well, a Stay Interview is when employees sit down with their managers to discuss their job satisfaction, goals and motivations. The purpose of the interview is to gather information about what is keeping them in their job and what factors might cause them to leave in the future.

The interview can be conducted at any time that the team member is working with an organisation. Its aim is to address any issues or concerns your employees might have and to set actions that will remedy those issues.

By taking the time to gain feedback from each of your employees, you can identify any areas of the business that might be problematic. Then, you can take steps to improve those areas and retain your vital team members. Those steps could be anything from training opportunities and providing more support to a change in job responsibilities or work environment.

Progression Pathways

With less time spent in the office, some skills are becoming obsolete and other roles are evolving. Employees are returning to the office after working remotely for some time. You will want to ensure that the role they were employed for still exists in the same capacity and whether their skills are still right for that job.

It’s time to take a deep dive into your business and the people you have working with you to create the right structure for everyone. You want to make sure each role is best suited for the employee undertaking it! So, talk with your team about valid career pathways so that everyone is in the best-fit role.

A really helpful tool for this is Extended DISC assessment. DISC is a form of psychometric testing that establishes each employee’s personality type. You can use the results to aid personal growth and to improve self-awareness, communication and teamwork. Here at Spice HR, we are Extended DISC Accredited Practitioners, so can help you get a true understanding of what makes your team tick.

Let Them Be Heard

Sometimes in an organisation, it can feel like there’s a disconnect between the team on the ground and the management team. Communication is the key to fixing any perceived divides.

You want your employees to feel heard, so the first step is to listen. This can be done in a range of ways. It can be as simple as a 10-minute one-to-one meeting where you give individual employees your undivided attention, or as complex as a companywide engagement survey.

Don’t forget that you actually need to do something with the feedback you receive from your team. Take steps to action any practical requests and look for ways to address issues.

Bring The Benefits

There are plenty of ways that you can implement initiatives that don’t cost a whole lot but can increase productivity and engagement hugely. Some of these are:

Flexible start and finish times
Create a wellbeing space in the workplace with accessible resources
Wellness challenges
Recognise awesome work with a company shout out page, brag board, or ABCD (above the call of duty) card
Offer mentorships with complementary colleagues
Discussions about career pathways and leadership opportunities
Offer longer break times
Bring your Pet to Work Day
Regular virtual meetups with fun activities like games or quizzes
Increased autonomy
A feedback box for input and suggestions from team members
Lunch with the boss days
Offer a 4-day workweek if that’s a possibility for your business. While team members are in the office for fewer hours, research has shown that their productivity is usually higher with a whole day of downtime up their sleeves.

There are also further benefits you can offer, but these ones will carry a cost for your business:

Extra leave
Give them their birthdays off work
Subsidised childcare
Bonus schemes
Professional development and training plans
Health insurance
Increased superannuation contributions
Regular remuneration reviews
Regular team lunches or outings
Wellness initiatives like courses, vouchers or partner discounts
Tickets to shows or sports games
Personal house cleaning
Employee anniversary celebrations

Encouraging Staff Retention

As you can see, there’s a lot to like about staff retention. But there is an awful lot that goes into retaining your high performing staff members.

So, if you know you need to retain your team, but would like a little bit of help doing it, the Spice Gals are here to help! Experts in people management, DISC assessment and building successful team morale, we can help you introduce simple retention initiatives that work.

Get in touch with our team today.

The Importance Of End Of Year Workplace Celebrations (Even This Year!)

Release the virtual balloons, pop the champagne (or cider), and get the chips and dip ready to roll. The year is rapidly coming to an end, and believe it or not, there are many reasons to celebrate!

Workplace celebrations are important at any time, but after surviving another year of uncertainty and stress, it’s even more important to recognise the wins for your business – big and small.

We know you probably just want to get this year over with and move on to brighter times, but before you write 2021 off completely, take a moment to recognise your fantastic team.

Let’s chat about why workplace celebrations are so valuable to you and your team at the end of the year.

The Importance Of End Of Year Workplace Celebrations (Even This Year!)

The Value Of Workplace Celebrations

Teams that celebrate together thrive together – truly! While it’s important to celebrate success throughout the year, the end of the year is the perfect time to bring everyone together and look at what you and your team have achieved over the last 12 months.

Here’s how workplace celebrations benefit your business:

They motivate – recognition is an organic motivator that inspires people to continue being successful.
They unify and reinforce company culture and values – celebrations have a way of bringing people together, particularly if they follow times of challenge.
They build momentum – recognising the small goals provides momentum to carry on and achieve the bigger goals.
They boost positivity – it’s easy to get caught up in everything that’s going wrong and forget about what’s going right. Workplace celebrations shift the focus back onto the good things.
They reward – recognition and reward are essential to keep your team engaged and motivated. The end of year celebrations are a lovely reward for hard work after a year of trials and tribulations.
They encourage team bonding – it’s been a year of distancing, which can be hard when working in a team. Coming back together (even virtually) helps rebuild those bonds.
They provide a timeout – after a tough year, your team need space to breathe and step back from work mode so they can start the new year fresh. A workplace celebration is a great way to farewell the old and welcome the new.

What Should You Celebrate?

Feel like this year didn’t bring much worth celebrating? Think again! Even if your business has faced challenges in the last 12 months and couldn’t thrive as well as you’d like, there are plenty of things to celebrate.

Success doesn’t always have to be about reaching a goal. It can be about the process, too.

Love the way your team supported one another during turbulent times? Celebrate that!

Proud of how people pivoted to different work conditions? Celebrate their adaptability!

Did someone come up with a great way to bring in revenue even during lockdown or connect with customers even when your doors were closed? Celebrate, celebrate, celebrate!

Safely Celebrating With Your Team

Just like many things this year, Christmas workplace celebrations may look a little different for your team. But that doesn’t mean they can’t still be happen!

Even as we enter the Traffic Light system, it’s crucial to plan your holiday festivities to be safe, and have a backup plan in place just in case things escalate before your team party rolls around!

Depending on where you are, you may be able to meet outdoors for a meal, or you might have to take the happy hour drinks online.

Whatever you do, make sure your entire team are considered, and make it casual and simple, because we’ve all had enough stress this year to last the next decade!

Think virtual happy hour, a socially distanced scavenger hunt, a game night, or virtual escape rooms. Most importantly, allow people time to connect, laugh, and reflect on the year’s successes because that’s what it’s all about.

Spare A Thought For The Coming Months

Nobody likes a Debbie downer, but as much as we need to let loose and celebrate, it’s also important to look ahead to what’s coming next.

As we prepare to wind down for the holidays, we also enter the next COVID framework Traffic Light phase , so it’s vital to be prepared to hit the ground running in January 2022.

The government recently announced new support for businesses transitioning into the new framework. This includes some fantastic packages around business advice and mental health support.

For many businesses, this is the light at the end of a very long tunnel. We now have a pathway out of lockdown; things are looking up, and that’s definitely worth celebrating.

Of course, new pathways bring changes. If you need help exploring what those changes look like for your people, then get in touch with us here at Spice HR. People are our speciality and we would love to help your business make easy transitions that don’t interrupt your team culture.

How To Build Resilience In The Workplace

The last few years have been pretty brutal for everyone. Many people and businesses have experienced a lot of loss due to the pandemic, and the long-term stress continues to take a toll.

But have you noticed that some people seem to be able to bounce back more easily than others?

While some individuals may be struggling to cope, others are able to learn from what’s happened, grow from it, and persevere.

What does it take to do this? How do they manage so well? What do they have in their personal and professional lives that enables them to get right back up and carry on?

The answer is resilience. This quality helps people adapt when faced with adversity, conflict, and trauma.

Resilient employees are an enormous asset to any organisation, so building resilience in the workplace should be a top priority for leaders.

But what is resilience in the workplace and why is it really important? And how can leaders encourage resilience among their workers? Let’s answer those questions now.

How To Build Resilience In The Workplace

What Is Resilience

Resilience is an individual’s ability to respond to the stresses and demands of life. The dictionary definition talks about concepts such as flexibility, durability, strength, and speed of recovery.

Basically, resilience is the capacity to respond to adversity and challenge throughout all aspects of life.

So, where does resilience come from? Is it in our DNA, or can it be nurtured and grown?

Interestingly, it’s likely to be a little bit of both.

Although some people seem to inherently be more resilient, it is possible to cultivate and nurture this quality to help people not only cope, but even thrive through challenging times.

Resilience is cultivated through healthy habits and a positive mindset. There are many small yet effective ways to build your own – and help boost those around you.

The Benefits Of A Resilient Workforce

Resilience is the foundation for many desirable workplace qualities. It improves general wellbeing, helps people be more flexible and adaptable to fast-paced environments or changing circumstances, and aids in effective communication.

Research has shown that resilience can help businesses stay competitive and profitable even during times of uncertainty.

Resilient workers contribute enormously to a positive workplace culture. They are more likely to be engaged, productive and innovative, even in high-pressure situations, and less likely to succumb to burnout.

Building Resilience In The Workplace – Where To Start

Leaders have a unique struggle on their hands. They need to somehow find a balance between striving for financial performance while addressing the mental wellbeing of their team.

One of the best ways to do this is by encouraging resilience in your workers. Here are some of the most effective methods for building resilience in the workplace.

Become a resilient leader

Your own resiliency impacts the way you lead, which trickles down to affect those who work with you. Use these tips to develop personal resilience:

Take steps to manage your own mental and physical wellbeing
Work on reframing threats as challenges
Pay attention to your thoughts and behaviours and work on cultivating a growth mindset
Create (and lean on) a social support network
Build mindfulness and self-awareness

Support the wellbeing of your workers

Emotional wellbeing is the foundation of resilience. We all cope better when we are well-rested, healthy, and have a manageable work-life balance. Consider implementing measures that support workplace wellbeing, such as flexible work arrangements.

Foster positive work relationships

Social interaction and support are essential in building resilience. Ensure you provide your employees with the chance to bond and socialise, even if you have remote workers. This can be through organised activities within the workplace, events held outside of working hours, or simply encouraging your team to connect with each other on a social level.

Don’t neglect performance and development

Self-reflection helps cultivate resilience. Don’t let challenging times derail your performance reviews. Your people still need feedback on how they are doing and the opportunity to reflect on their challenges and successes. Make sure you provide this in a formal review setting, but also on a regular, more casual basis.

Focus on the future

As part of your performance reviews, you should be helping your employees effectively set realistic, achievable, relevant goals. The right goals can motivate people and help them focus their energy on what’s ahead of them, instead of dwelling on what’s behind them. It also helps them to look beyond the current adversity to a time that may be calmer.

Provide resources

Even the most resilient people can struggle with tough times. Our resilience changes from day to day, and sometimes we may need support to manage. Ensure your workers have access to resources to help them cope, such as employee assistance programs, stress management coaching programs, or similar initiatives.

When you are the one who is expected to lead, sometimes it can be difficult to always demonstrate resilience. So, it can be helpful to call in the experts to assist.

If you want to build resilience in your workplace (and yourself), then reach out to us here at Spice HR. We help businesses tackle the tough times so they can be ready to capitalise on the good.

Keeping Up With Minimum Wage Rates And Employment Benefits

At present, the beginning of April will see New Zealand’s minimum wage for adults rise by more than $1 per hour. Starting out and training wages will also be increased.

While this is great news for employees, there are sure to be some businesses that struggle to accommodate the wage increases. Especially with the ever-growing threat of COVID-19 looming over the labour market.

When the idea of the incremental wage increase was put forward by the government, they couldn’t have imagined that the proposed increase would hit businesses at such a difficult time financially.

With the economy teetering and 1st April fast approaching, you could be forgiven for really feeling the pressure, so we wanted to have a timely chat about the tangible benefits of keeping up to date with market rates and benefits and why regular remuneration reviews remain vital to a successful business.

Keeping Up With Minimum Wage Rates And Employment Benefits

New Zealand’s Minimum Wage Increase

The upcoming wage increase is due to take effect on April 1^st, 2020. Several economists are already being vocal about the pressures this increase will bring to businesses when the global economy is being heavily impacted by COVID-19.

The proposed increase is a considerable jump of $1.20, bringing adult minimum wages up to $18.90 an hour from $17.70. It is estimated there are nearly a quarter of a million workers currently on the minimum wage.

The training wage will also increase to $15.12 per hour.

Similar increases are proposed for sometime in the next year as part of the government’s commitment to reach a $20 minimum wage by April 2021.

Late last year, Workplace Relations and Safety Minister Iain Lees-Galloway said in a press release, “With our economy doing well, we want to make sure that our lowest-paid workers also benefit. The rise in minimum wage is estimated to boost wages by $306 million a year across the economy. That’s a good investment in local economies where workers spend their wages.”

Unfortunately, the current economy is not looking as healthy due to the downturn in global trade. So the question is being raised of whether the increase should proceed. It is not only the minimum wages workers that need to be considered. As minimum wages increase, it’s likely that all wages across the business will have to be improved to close the margin between more experienced employees and the newcomers.

Let’s dive into the concept of wages as a whole to understand this a little further.

Keeping Up With Market Rates And Benefits

From a legal standpoint, it is essential to meet minimum wage requirements across the board. But, it’s also vital that businesses ensure they are meeting – or exceeding – market rates for their industry. As wages are often the largest cost for any business, this needs careful consideration from a legal and financial standpoint.

There are a number of positive impacts when ensuring your staff receive competitive remuneration. The first is quite simple: happy staff work harder! They are also more loyal and likely to stay with the business long term when they feel they’re being paid fairly. And don’t forget that long-serving staff can save tremendous costs on recruitment.

For example, Forbes reported that a bank in the UK voluntarily decided to pay the living wage to their cleaning and catering teams. Following this, staff turnover reduced, with impressive retention rates of 77 per cent and 92 per cent. Compared to the industry averages of 54 per cent and 32 per cent, those numbers say it all!

When you offer higher salaries, you are also more likely to attract (and retain) higher-quality candidates.

Employee well-being and satisfaction play an immense role in the success of your business. And while there’s more to happiness than just money, take home pay certainly has a role to play.

The Importance Of Regular Remuneration Reviews

NZ’s upcoming minimum wage increases are still compulsory at this stage, so it’s an ideal time to review how your business approaches remuneration reviews, benefits, and rewards.

Most organisations commit to yearly review processes. You may decide to calculate the cost of living increases across the board, offer rewards based on how the company is doing, or differentiate increases from employee to employee based on performance.

Paying people fairly for a job well done is a no-brainer. The recognition alone is enough to boost productivity and efficiency. Plus, your employees will feel valued and more likely to stick around, staying invested in the business.

Sit down and compare the wages and salaries of your team, comparing them with market trends throughout the industry to make sure they are competitive. But don’t forget that as well as the dollars on the table, company culture and the benefits provided play a huge role in creating a fulfilling work environment.

Lastly, you need to ensure that your business can sustain the wage rates in an ever-changing economy.

Is your business ready for the 1st April minimum wage increase? If you are a bit worried about how you will handle the logistics, give the Spice Gals a call and we can help you make sure your HR boxes are ticked. Get in touch with us today.