good start early learningis Australia’s largest provider of early childhood education and care (ECEC) services, 2022 Annual Report This confirmed that despite the difficult operating and financial situation, the Group maintains a firm commitment to maintaining investments to pursue its strategic objectives.
A total of $47.3 million was spent on a variety of initiatives classified as “targeted social purpose investments” in areas such as professional learning, quality improvement, inclusion and reconciliation, up from $42 million last year. 13% increase.
This is against the backdrop of a record of declining earnings and operating profitability, impacted not only by a good start, but by a range of external factors that have impacted the broader ECEC sector as a whole.
“The good start results show the impact of successive waves of COVID-19, rising costs and severe labor shortages,” said Chair Paul Robertson AO.
“Like any powerful organization, we are rising to the challenge and working to double safety, health and well-being, improve occupancy and attract new talent.”
These sentiments were echoed by former CEO Julia Davison, who said, “Despite the financial and operational challenges, Good Start is committed to supporting our employees, safety and We have continued to invest in sustainability, quality improvement and social inclusion,” he added.
Investments in social impact build as Good Start works towards strategic goals
One of the six strategic directions outlined in the 2021-2025 Corporate Strategy, “Impact” is central to Good Start’s overall mission and purpose, and will drive the entire ECEC system and beyond. It is at the heart of our ambition to catalyze positive change through innovation.
This year the group made its first commission social return on investmentis an initiative designed to measure the impact of providing quality early learning and the social and economic value it creates for key Good Start stakeholders and beyond.
Social Ventures AustraliaOne of Goodstart’s founding members, conducted a study using benefits modeled across three stakeholders: Children, families, communities, governments.
The report concludes that Good Start’s targeted social investments generated a meaningful level of impact, generating a return of $5.50 for every $1.0 invested.
During fiscal 2022, Good Start will invest $18.9 million in professional development, $7.6 million in quality improvement programs, $9.6 million in inclusion programs, and $4.3 million in access and affordability for inclusion, with additional needs Committed $3 million to support children’s inclusion and $1.2 million to reconciliation and reconciliation. $2.6 million for advocacy.
Our spending in these areas totaled $47.3 million, representing 3.8% of our total revenue, a level that comfortably surpasses comparable investments over the past few years.
Difficult business environment due to prolonged impact of COVID-19 in FY2022
Good Start’s commitment to investment was unwavering in 2022, but the spending took place against the backdrop of a difficult operating and therefore financial situation.
“January and February were key registration months and the registration pipeline was very tight.
Davison explains: “We believe that the hardworking center team has cut his occupancy rate to 3% by June 2022, allowing him to enjoy a year with a 6% drop in occupancy year-on-year. It has started.”
Total revenue was $1.26 billion, down 6% compared to the same period last year. Operating profit (revenue minus operating costs) he dropped to $17.1 million, down from his 21st year when he posted a record profit of $95.1 million.
The net loss, which includes the cost of leasing, was negative $65.7 million, outperforming the relatively strong performance of the prior year.
“COVID-19 has resulted in a sharp increase in child and staff absenteeism, adding to the costs that we have covered using financial reserves.In 2021, these costs will be largely offset.
A degree with generous financial support from the federal government. However, support for him ended in December 2021 when, unfortunately, a highly contagious variant of his Omicron took root,” he added Davison.
Due to the challenging business environment, Goodstrat brought forward its annual fee increases from July to March this year, breaking the sector average of seven years of fee increases.
Team member and family experiences at the heart of Good Start’s operational culture
On July 1, 2021, Good Start’s newly completed Enterprise Agreement will go into effect, initially covering approximately 15,600 employees, among them various financial and non-monetary compensation and terms. Advantages included.
Educators will exceed their bonuses by 4% in 2022 and rise to 5% next year, and most teachers now receive salaries equal to or higher than public schools. In addition, more contactless hours are built into the roster and flexible working arrangements such as rostered health days and paid parental leave are also included.
Total labor costs increased 2% to $920.9 million in fiscal 2022, representing 73.2% of total revenue. This is a new record as well as the Group’s investment in social impact.
10.3 million children attend the Good Start Center year-round, and families continue to show support for the group through feedback programs. Family members rated the likelihood of recommending another family member for a good start as 8.8 out of 10.0.
In line with our goal of developing a more personalized experience for families, good start at home Products have enhanced online functionality and family experiences. Over 26,000 families will use online learning resources in 2022, up from 15,000 last year.
The group maintained a free-of-charge policy on holidays, saving families $42 million over the year. Also actively used her $21.2 million gap waiver benefit for disease-affected families during COVID.
Other key highlights from this year’s annual report include:
- Inclusion – a good start is Enhanced child outcomes (EChO) approachnew learning modules in the four streams of the Inclusive Practice Program, the Focused Personal Support Plan, and the Early Learning Fund continue to be central to our broader inclusion goals.
- Safety, health and well-being – below Appointment of Chief Safety Officer last yearGood Start’s Safety, Health and Wellbeing team has been expanded and now includes food safety experts and child protection experts. Evolved.
- Reconciliation – Over the past year, nearly 3,000 staff have undergone Arrilla cultural training, bringing the total to 14,000 team members. Good Start’s Board of Directors formally endorsed an Indigenous Employment Strategy with a target of bringing labor force participation to his 7% by December 2025.
Learn more about other Good Start achievements in 2021/22 here. Click here for Annual Report.
