Year-end HR Checklist
The end of the year is a whirlwind of activity, and HR is no exception. Let's break down what you need to know to navigate this busy time and set your company up for success as we close out another year.
o Handbook and Policy Updates – Stay on top of changing employment laws to protect your business and employees. For example, California employers must now implement a Violence Prevention Plan and meet new minimum wage requirements. Update your Employee Handbook annually to stay on top of the changing legal landscape.
o Planning for the Holidays – 'Tis the season for planning! Coordinate time off, staffing, and workloads to ensure a smooth holiday season for your employees and business. Don't forget to remind employees about holiday pay and inclement weather policies.
o Maximize Employee Benefits – Help your employees make the most of their benefits. Encourage them to review their 401(k) contributions to potentially maximize their tax-deferred savings. The 2024 contribution limit is $23,000, with a catch-up contribution of $7,500 for those 50 and older. Also, if you offer Flexible Spending Accounts (FSAs), remind employees about expense reimbursement deadlines and 2025 re-enrollment.
o Streamline Payroll – Prepare for year-end payroll tasks by reminding employees to update their addresses in the payroll system. Review your workers' compensation insurance to ensure adequate coverage for all employees. In fact, if you haven’t done so yet, consider integrating workers' compensation with your payroll system for automation and efficiency.
o Leverage People Data – Use HR metrics to measure your company's performance. Track turnover, employee engagement, diversity, pay equity, and recruiting success to identify trends and inform strategic decisions.
o Start the Year Right with Performance Feedback – Prepare for performance review season by updating review templates and processes. Ensure managers and employees have the necessary tools and training to conduct an effective review cycle.
We hope you have a very happy and healthy holiday season! If you would like assistance with your HR to-do’s, Countsy’s team of HR professionals is ready to help. Contact us today.