The new year is generally a time of personal and professional reflection. For many businesses, the New Year is also the perfect time to review the numbers from the past year and set manageable goals for the next 365 days.
In addition, the new year also means the induction of new labour laws and, as of January 1, 2018, new minimum wage of $14.00 per hour, as per Ontario Premier Kathleen Wynne’s Liberal government.
Make sure you’re prepared and understand what the new minimum wage could mean for your business.
Review Your Performance Over the Last Year
A new year gives most businesses the opportunity to look back on the previous year’s successes, failures, and lessons learned.
By taking a look at your numbers and information such as revenue, profit margins, conversion rates, and other key performance indicators, you will have a better idea of where your company was successful and where there is a need for improvement.
This kind of documentation is not only a great way to keep your business on track, but it’s also an excellent motivator since you know where you’ve started and what you can potentially achieve. Additionally, keeping track of company activity means you can avoid having to re-learn the lessons of the past, what worked, what didn’t, and why?
Furthermore, the new year also gives you time to get your books balanced. Everyone dreads tax season, but the new year is the perfect opportunity to get your numbers in order. Preparing this paperwork now can save you headaches when tax season rolls around in the spring!
Reward Your Staff to Keep Them Motivated in the New Year
So, you’ve hired the right people, now you’ve got to keep them motivated during the slower winter months!
You can easily motivate your staff by bestowing particular recognition on employees. These kinds of accolades may seem small, but they can work wonders in keeping your staff motivated during the drearier winter months.
Clean House for an Effective Year Ahead
Clean the office and encourage staff to give their workstations a once over. The new year is a great excuse to purge all the clutter and junk from your desk. This cleaning can extend to your work computer as well! Go through your files and/or e-mails and see what you can archive and delete. This gives you a clean slate from which you can tackle the challenges of the new year.
The New Minimum Wage Could Have a Butterfly Effect
Now, let’s talk about the elephant in the room: the January 1, 2018, minimum wage increase.
The hike may necessitate some operational and payroll-related changes within your organization that you may not have considered.
Despite the minimum wage only targeting workers who earn less than $14.00 per hour, this hike can actually scale within any organization. It’s not simply a matter of increasing an employee’s pay; it may mean tweaking the taxable deductions, benefits, and pension that that employee is entitled to. In addition, the minimum wage hike may also affect employees who already earn more than $14.00 per hour, as there may be a need for additional compensation in order to make sure every employee is paid in accordance to their value to the business.
The new year and the new minimum wage increase won’t affect every company, but it could impact the way you operate.
If you’re unsure how this affects your business, don’t hesitate to reach out to employment experts who can guide you through the challenges of a new year and the new minimum wage increase.