Year-End Means Crucial Time for HR Teams
As the fourth quarter approaches, a natural inclination may be to close out the year and look forward to the calming influence of the holidays at year-end – but not if your responsibility incudes Human Resources work, as the year-end period serves instead to create numerous areas of special focus and critical analysis.
The last months of the year are a great time for HR professionals to ensure they’re prepared for everything that needs to be done. It’s also an opportunity to evaluate which HR processes organizations want to take forward into the new year and which to leave behind. While certain HR compliance activities must be completed by the end of the year, HR professionals can also use this time of preparation to focus on tasks that will set their organizations on the right course for next year, such as:
Completing annual performance reviews
Asking employees to update their personal and contact information
Backing up HR data and personnel files
Establishing an annual budget and allocating resources
Reviewing recruiting and hiring processes
Creating plans for new hires
Measuring:
Employee engagement and satisfaction
Employee productivity
Turnover rate, including new hire turnover
HR growth compared to revenue
Average time to fill open positions
Offer acceptance rate
Promotion rate
Time to hire
HR-to-employee ratio
Checking on compliance with:
Employee classification
Personnel files
Employee handbook
Employment policies
Employment and labor law posters
Year-end activities can seem limitless, which may leave HR professionals feeling overwhelmed, and some tasks can be easily overlooked. By preparing early, HR can wrap up the year properly and set their organizations up for success next year.
For more information and guidance on successful year-end policies and practices, contact the Benefits professionals at The Reschini Group.
Copyright 2023 The Reschini Group
The Reschini Group provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.
