19 Apr Incentives to Train & Retain
Federal Incentives to Train & Retain Your Workforce!
The Government understands that businesses have been finding it challenging to maintain profitability in recent times. This is partly due to workforce absenteeism (illness), stressed staff covering multiple roles without the capability to fulfil these shortfalls, the challenges remote working brings, and a lack of skilled talent in the marketplace.
In response, in this year’s federal budget, the Government has offered an attractive tax incentive for small to medium-sized businesses (with an annual turnover of less than $50 million) that are willing to invest in upgrading systems and upskilling staff.
From 28th March 2022, businesses can access a 20 per cent tax deduction for the cost of external training for employees and for digital technologies purchased for work, up to $100,000 in each financial year. Known as the Skills and Training Boost, it is available for eligible external training courses.
With skills shortages, the war for talent, and the great resignation, now is the time to take advantage of these government incentives to boost your staff engagement. In a recent article by the Australian Human Resources Institute, the CEO, Sara McCann Bartlett, said in response to the budget announcements, “a focus on training for line managers in good people management practices, for instance, would unlock greater productivity for business, improve on-the-job training and make our workplaces even more adaptable and flexible.”
Business 360 couldn’t agree more. The importance of ongoing professional development for employees cannot be understated. Providing your employees with the opportunity to participate in training improves their skills, boosts morale and builds commitment to the business. When you invest in your staff, they will invest in productivity for your business.
Workshops can be provided to assist your key people, including topics such as:
- Updating your HR & WHS platforms, implementation & orientation
- The Power of Policies and Practices – being better at managing everyday matters to avoid serious problems and how to manage them should they arise.
- Leading from the front – Leadership mindsets
- Managing Performance – insights into Fair Work HR Processes
- How to create desired Workplace Culture using identity-based behaviour
- Employability? How to identify and foster staff trust using considerations of Employee Skill and Will, and other engagement practices
- Skill with people – the building blocks of performance
- Effective Communication in 2022
- How to conduct employee meetings across their lifecycle: Initial interview, Check-ins, Performance, Conduct, through to Termination meetings
- WHS Risk Management obligations – the things that must be done to maintain regulatory compliance; and
- Review and update your Vision, Mission and Values, to align employees with your purpose.
To obtain a proposal for funding applications or to discuss your business’s training needs contact us on 1300 287 360 or email email@example.com.