The conclusion of a financial year is a significant milestone for organisations, as it presents an opportunity to not only finalise financial reports but also reflect on a range of accomplishments. By evaluating their financial performance and other achievements, such as progress towards strategic goals and employee contributions, organisations can identify areas for improvement and build on their successes. Reflecting on accomplishments is a crucial step in the continuous improvement process and enables organisations to plan.
It’s also important to note that financial business performance has had a significant impact on employment security in recent years. For many people, the financial instability has impacted the employee experience and wellbeing, irrespective of whether one’s role has been directly affected.
As June 30 approaches, it is likely your employees will be interested to understand how the financial performance will impact them directly. This provides the opportunity to consider how you may proactively respond to some of the factors listed below to demonstrate commitment to your people.
Financial Results: Overall financial performance, as this can affect job security, growth opportunities, and the overall effectiveness and impact of the organisation.
Business Outlook: How the financial health of the organisation will impact business decisions, investments, and strategic initiatives.
Development Opportunities: Whether there will be access to ongoing or new learning and development opportunities to support employee growth and development.
Resources: People always appreciate understanding the impact on resourcing and whether there will be a felt pinch with teams needing to do more with less, or if additional support will be available.
Compensation and bonuses: Impact on their potential earnings and rewards based on their performance and the organisation’s performance.
It is equally essential to balance financial updates with a strong focus on people. The ability to communicate financial results proactively and efficiently, regardless of whether the news is positive or negative, can influence the employee experience and organisational culture.
Employees appreciate authenticity and honesty from their leaders and want to understand the reasoning behind certain decisions. To ensure that employees feel valued and to mitigate perceptions that business performance is solely about the numbers, the following suggestions will be helpful to communicate effectively.
Celebrate Achievements: Recognise and celebrate the achievements and milestones that the workforce have accomplished during the financial year. This can include achieving strategic objectives, successful completion of projects, cultural achievements and financial results.
Recognise Company Culture: Emphasize the importance of company culture as a key driver of the organisation's financial and non-financial performance. Reflect on the values and behaviours that define the organisation’s culture and how these have contributed to outcomes for this period. This includes, reinforcing the need to maintain and strengthen the positive aspects of organisational culture, along with addressing any areas that may need improvement.
Leadership Principles: Remind your people about the organisation’s leadership principles that guide the organisation. Reinforce the importance of these principles in shaping the company's culture and performance, and encourage your team to continue demonstrating these principles in their day-to-day work.
Set Expectations: Share strategic priorities and desired organisational culture for the upcoming financial year and clarify how workforce efforts will contribute to achieving the outcomes.
Importantly, express appreciation for the effort of your people, acknowledging their hard work, dedication, and contribution throughout the current financial year. Additionally, setting the standard for the upcoming financial year can help align your team's goals and create a shared understanding of what needs to be achieved which will improve your overall culture of organisational effectiveness.
Start your culture conversation with HENRY REED today!
P: 1300 266 995
E: info@henryreed.com.au