Train your staff and expand the skill-set in your business
2 February 2023
When a business trains its staff, not only are employees upskilled, but this also expands the skill-set in the business. This is why staff training is a must. When employees can see you're invested in their future, they feel valued, empowered, and engaged with your vision. That's great news for the productivity of your business.
Investing in your team
If you want great things from your people, you’ve got to give them the very best support. A job is not a static thing. It’s a role that will evolve and change over time, with new skills, new job descriptions, and new responsibilities along the way. To offer your team the best opportunities, make staff training and development a key area on your business leader’s to-do list.
As a starting point:
- Find out what training and education your people want. There’s no point second-guessing what your staff wants to learn. Talk to each staff member and ask them where they feel they need extra skills, or where there’s room for progression in their training. This can be an enlightening process, and helps you get an angle on where these new skills could be used within the business.
- Help them find the relevant courses or in-house training. You may be able to offer some key training in-house, as long as you have people available to do this, who have the skills. There are also plenty of professional bodies, industry institutes, or colleges that will offer courses in the right areas.
- Set clear targets for their education in the business. Once you’ve identified the learning and development that’s needed, make sure this is added to the employee’s development plan for the year. Your employee’s goals could be to complete an online training module, go on a residential course, or take part in mentoring sessions with a senior colleague. The important thing is to agree on the goals, set the right timelines and track each person’s progress against their plan.
- Set a career path and give employees increased responsibility. A key goal for most employees will be to aim for a promotion. With their learning and development goals set, you could also think about giving your employee new responsibilities, testing out their managerial skills, or giving them specific projects to manage and curate. By taking on these challenges, and testing their new skills out in the real world, you’ll help them build confidence and gain valuable hands-on experience.
- Check in with your staff regularly to see how they're doing. Hopefully, you’ll have a review process already set up for your staff, but don’t leave discussions about development purely for these review conversations. Check in with your people regularly and use these informal, relaxed chats to see how each person (and each team) is doing.
Setting up a staff training programme
An investment in employee development is an investment in the future of your business. It’s a sign that you want to support the careers and progression of your people. We can help with training in bookkeeping, business accounting, strategic planning, and many other areas of business management.
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As an employer, there are several obligations and expectations set by the Inland Revenue Department (IRD) that you must adhere to. Understanding these requirements is essential for maintaining compliance and avoiding any potential penalties. Let's take a closer look at what the IRD expects from you as an employer. Register as an Employer Before you hire your first employee, you are required to register as an employer with the IRD. This is a crucial first step in ensuring that you can meet all tax and payroll obligations. Accurate Record Keeping The IRD requires you to keep accurate and detailed records of all employment-related transactions. This includes: Employee personal details Wages and salary paid Payroll dates and methods PAYE deductions and remittances Details of benefits or allowances provided to employees Maintaining proper records helps ensure that you are reporting and remitting the correct amounts to the IRD. Deduct PAYE Tax You are responsible for deducting PAYE (Pay As You Earn) tax from your employees' pay. This involves calculating the correct amount of PAYE and ensuring it is deducted from each employee's salary or wages before their net pay is provided. Pay Employer Contributions In addition to PAYE, you may also be responsible for contributing to your employees' social security and retirement benefits, depending on the country you operate in. These contributions are typically paid in conjunction with PAYE tax. Issue Statements and Forms At the end of the tax year or upon employment termination, you should provide each employee with a statement showing their total earnings and PAYE deductions. Additionally, filing the appropriate end-of-year PAYE schedules with the IRD is required. File Employer Returns Employers are required to file regular returns with the IRD, which could be monthly, quarterly, or annually, depending on specific regulations. These returns should accurately report all payroll activities, including PAYE deductions. Handle Tax Codes and Changes It's crucial to apply the correct tax codes for each employee's circumstances. Any changes in employment status or tax code must be updated promptly to ensure accurate tax withholdings. Comply with Audit Requests The IRD may audit your business to ensure compliance with employer obligations. As such, being prepared to provide all requested information and records in a timely manner is vital. Adhering to these expectations from the IRD is not just about compliance; it's about fostering a transparent and trustworthy relationship with your employees and the tax authorities. If you need assistance with understanding or managing your obligations as an employer, consider reaching out to a professional accountant. Our team is here to help you navigate these responsibilities seamlessly, ensuring peace of mind and allowing you to focus on growing your business. Feel free to contact us for further information or assistance.
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