One of the biggest responsibilities of being a business owner is looking after your employees. Whilst it may come as second nature to stay on top of major changes that effect the business directly, it is important to also be aware of changes that may be affecting your team members. One such change that could have a significant impact on some of or all of your employees is the upcoming changes to HELP fee repayments.
The Federal Government announced a number of changes to the HELP Fees that are charged to Australian university graduates. The changes essentially mean that students will be required to pay back their student debts sooner and in larger amounts once they begin working full-time.
The key changes are:*
During periods of change, it is important to regularly communicate with your employees. At wattsnext we have weekly one-on-ones to discuss any issues that may be affecting us, whether it be work related or not. Both managers and employees are able to use this time to highlight any changes that may be occurring and any anticipated effects. As a manager, it is important to use this time as an opportunity to discuss possible ways the business may be able to provide support.
While businesses may not be able to prevent the negative effects of an external change, keeping abreast of changes and how your employees are feeling will help you to provide your employees with the support that they need.