5 ways to boost wellbeing and reduce your tax
The end of the financial year has traditionally been a time to recognise and reward staff achievements and efforts. This year’s end of financial term however, isn’t like the ones that have come before.
Many businesses are keener than ever to support their teams’ mental health and wellbeing. In recent months, we’ve seen the personal and professional realms collide dramatically as makeshift office spaces were set up in living rooms and people scrambled to juggle work commitments with home-schooling, as well as manage the uncertainties and anxieties associated with isolation. The demand on staff to be flexible and creative in their approach to work has never been greater, just as the demand for managers and business leaders to find fresh ways to monitor performance and keep employees engaged has also intensified.
So, for businesses considering what to do with any of this financial year’s remaining funds, 30 June 2020 presents an ideal opportunity to show their teams how committed they are to supporting a culture of wellness, particularly through the challenge of working remotely and holding down the fort.
Opportunities for professional development of wellbeing skills is a meaningful way to express gratitude for hard work. Make your EOFY budget really count by creating momentum and motivating your team so the next year kicks off to a positive and healthy start.
The 2020 Ernst & Young Better You survey identified that the current workforce values both mental health and wellbeing and professional development. Here’s 5 ways to boost you and your teams’ wellbeing and reduce your tax, inspired by what some of our savvy business customers have been doing:
- Organising evidence-based online training programs to empower and enable team members to take control of their own wellbeing with mindfulness, resilience, nutrition, exercise and much more.
- Paying for training and/or mentoring programs in June 2020 to be utilised as needed over the next 12 months for professional development of valued team members in leadership and wellbeing competencies.
- Reducing some employees taxable income and utilised the current year’s training budget through arrangement of co-contribution payments between employee and employer for our nationally recognised Diploma of Wellness Leadership Program.
- Arranging to pay for customised training or mentoring services in this financial year to be utilised within next year.
- Splitting payments over the four quarters to align with optimum expected revenue months and reduce the negative impact on cashflow whilst meeting their goal of supporting team wellbeing and cultivating a positive and mentally healthy work culture.
The ongoing effects of the pandemic will mean staff wellbeing, engagement and morale will remain a priority in the months to come. By securing funds now, you can get a head start on next financial years’ team training, wellbeing and rewards strategy.
Wellness isn’t about the ‘program’. Wellness is about cultivating a healthy culture that supports the values, goals and objectives of the people and the organisation. – The ASWA Wellness Philosophy
Meaningful training and wellbeing support have always mattered. Now it matters even more. Create some of that much needed light at the end of the tunnel and make this end of financial year one that your employees will remember for all the best reasons.
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