As the end of the year approaches, your tasks in the human resources department will pile up, from preparing payroll for employees’ year-end bonus to updating new recruitment strategy for the New Year. Dealing with deadlines while the people around you might have been drown in festive environment, it will likely to increase your stress level if you do not have mature plans and open communication with your employees.
To help you get out of from such situation, here are some tips to help you get ready for a year-end.
Plan ahead – As best as possible, you need to plan at least two or a month before year end. Make list of everything you need to prepare. In this way, errors are less likely to occur.
Here are some recommendations of End-of-Year Checklist from Zenefit that might help you:
For Employee Benefit
For Payroll System
For Hiring Preparation
For General Human Resources Preparation
And here are 5 essential ways you can adopt to prepare for the year end:
01 Compensation – Consulting or collecting information for OSHA log can help you identify and prevent work hazards that might occur. They can also recommend you safety procedures or tips for future accidents.
02 Payroll – You should calculate every year-end bonus and review year-end payroll report for W-2s. Also, examine every job description to ensure whether your employees are properly categorized as exempt or non-exempt. It helps correspond with wage increases if any.
03 Benefits plans – You should review every benefit plans and note whether it still meets your company needs or not. Not to forget, they should still remain cost-effective for your budget company. You can hold open enrolment meetings to know if your employees agree with the changing of plans and premiums.
04 Policies and procedures – New Year, new rules. You should update policies in order to remove any outdated information and to ensure that they remain compliance with all state, federal, and local regulations that are applicable for your businesses. Likewise, check your internal procedures to ensure that it reflects the most efficient practices.
05 Strategic plans – You can consult to your upper management or executives for upcoming forecasts, goals, and budget. You can also examine your next year needs such as recruiting, responsibilities of HR staffs, employee retention or downsizing.
Finally, begin preparation for next year – repeat and refine your process.