Beyond budgets: do a people and culture reset this EOFY
While every line item gets scrutinised at EOFY, one of the biggest drivers of business performance is often overlooked: your people.
It’s a timely reminder. According to Hub Australia’s 2025 Love Where You Work Report, more than half of professionals (56%) have experienced burnout due to their job.
The Australian HR Institute also estimates that employee disengagement costs the Australian economy $211 billion annually, highlighting the significant impact that productivity loss, absenteeism and turnover can have on businesses.
Employment Hero’s EOFY checklist urges leaders to look beyond compliance and also use this time of year to assess employee engagement, workforce planning and organisational culture.
So rather than treating EOFY as purely a financial exercise, consider it an opportunity for a people and culture reset.
Step 1: Don’t assume your team are OK
Before making decisions about hiring, growth or restructuring, understand how your people are feeling.
Find out:
- Do employees feel connected to the business?
- Are managers having regular development conversations?
- Is burnout becoming a risk?
- Are teams clear on priorities and expectations?
Whether through surveys, one-on-one conversations or team workshops, gathering feedback can uncover issues before they become costly retention problems.
“Many businesses spend EOFY reviewing every expense, but don’t apply the same discipline to their people strategy,” says Rebekah Murphy, co-CEO at Hub Australia.
“The organisations that thrive are often the ones that regularly check in with their people, listen to feedback and make small adjustments before challenges become bigger issues.”
Step 2: Invest in culture that matters
Workplace culture has changed significantly in recent years. Employees still want connection, but increasingly on their own terms.
Hub Australia’s Love Where You Work Report found just 3% of professionals attend end-of-week drinks every week, highlighting how traditional workplace rituals are evolving. Employees are instead placing greater value on inclusive experiences, wellbeing and meaningful interactions.
EOFY is a good time to review whether your culture-building initiatives still reflect what your team values most – and budget for what’s needed next.
Consider:
- Professional development opportunities
- Team volunteering or purpose-led initiatives
- Recognition programs
- Mentoring and peer learning
- Flexible and inclusive social activities
Step 3: Turn your workplace into a performance advantage
Culture is heavily influenced by the environments where people work.
“Many organisations invest in attracting great talent but underestimate the role workplace experience plays in keeping people engaged,” Murphy says.
“The right environment can help foster stronger relationships, create a greater sense of belonging and make coming to work feel valuable. Over time, those factors can have a meaningful impact on engagement, retention and performance.”
As teams prepare for a new financial year, leaders should consider whether their workplace, systems and ways of working are helping people do their best work.
Your EOFY people reset checklist
Employment Hero recommends using EOFY to review:
- Employee engagement and wellbeing
- Workforce planning and future hiring needs
- Performance and development processes
- Leadership capability
- Company goals and priorities for the year ahead
For a more comprehensive guide, download Employment Hero’s EOFY checklist and use it as a starting point for your next people and culture review.
Because while budgets matter, the businesses that invest in their people are often the ones best positioned for long-term growth.
