End of financial year – how to tackle it

End of financial year

The end of financial year is a significant and busy time for organisations, and it is crucial during that time to lessen the strain on your business by easing capacity on regular workers with the addition of temporary or contract workers – and being aware of the Fair Work Commission reviews.

Handling the EOFY strain

The EOFY is an incredibly busy time for all industries, but particularly for sales workers. Any business experiencing a high influx of customers leading up to the EOFY sales, for example, is likely to be struggling to keep up with the demand.

In these situations, a simple solution is to hire temp workers. With changes to penalty rates coming into effect, hiring contractors can help ease the pressure on a business’ regular workers during a busy time like EOFY. Find contract workers easily through Michael Page’s specialist contract hiring recruiters.

RELATED: How to make your EOFY stress-free

Workplace Compliance

Australia has one of the most complex workplace relations systems in the world, so it’s essential that business owners and employers stay updated and compliant with the changes that come into effect on or after 1 July.

Employsure’s Managing Director Edward Mallett advises employers to start getting prepared: "It is so important to be across these changes. Workplace compliance can feel like a minefield and it is essential to get the right advice to avoid paying employees too little or too much.”

Here are the principal changes to come:

Wage reviews and Award updates

Each year, the Fair Work Commission (FWC) reviews the National Minimum Wage and base pay rates under Awards with changes to be implemented on the first full pay period on or after 1 July.

While there are different base rates for different job types under Awards, each of these stems from one core minimum wage which all businesses in Australia must abide by. Casual workers are covered by this National Minimum Wage, but they must also receive at least 25 per cent casual loading.

Employers must be across any changes and updates to wages and Awards that are effective 1 July 2017.

Penalty rates

A reduction to public holiday penalty rates under some Awards will take effect on 1 July. As for Sunday penalty rates, one of the options proposed by the FWC was to phase in the reductions through a series of annual adjustments on 1 July each year (while the date is not yet confirmed, employers need to be ready) to coincide with any increases in Modern Award minimum wages arising from Annual Wage Review decisions.

RELATED: Contracting FAQs for employers

If a business has employees covered by the Fast Food Industry Award 2010 (Fast Food Award) or the Restaurant Industry Award 2010 (Restaurant Award), there is a change coming to the span of hours on which the late night/early morning penalty rates are payable.

The FWC delayed the introduction of the changes from March until July 1, meaning it will coincide with the reduction of public holiday penalty rates under the following Awards:

  • Hospitality Industry (General) Award 2010
  • Restaurant Industry Award 2010
  • General Retail Industry Award 2010
  • Fast Food Industry Award 2010
  • Pharmacy Industry Award 2010

Where to from here?

Employers should listen out for announcements and visit the Fair Work Commission and Fair Work Ombudsman websites for updates. For tailored advice, you can speak with an Employsure Workplace Adviser on 1300 832 795.

Employsure offers tailored advice, documentation, and protection in the way that makes sense to each individual employer. As Australia’s leading experts in employment regulations and work, health, and safety services for 13,000 SMEs across Australia, Employsure empowers every employer to achieve business success.

Michael Page is a leading professional recruitment consultancy specialising in the recruitment of permanent, contract and temporary positions on behalf of the world’s top employers. Operating in more than 30 countries worldwide, our industry-specialist recruiters work with employers and job seekers to facilitate a successful match and productive employment.

If you’re looking to hire contract workers to improve the capacity of your team this EOFY, contact a Michael Page specialist today.


The end of financial year is an incredibly busy time across all industries, so it is important to remember to:

  • Stay up to date with wage Award or penalty rate changes
  • Keep track of the Fair Work Commission reviews
  • Hire temp or contract workers to ease the workload on busy full-time workers
If you are looking for a job, visit the Candidates section

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