Fall HR To-Do List
Can you believe we’re in the final stretch of the calendar year? Where did 2023 go?
As we enter Fall, it’s a good time for businesses to do an annual review and update of your HR practices. Here’s a quick guide to get you thinking about end-of-the-year People activities:
Handbook and Policy Updates – many Legal firms and some large benefit brokers offer free seminars, typically in the Fall, to help employers stay current with the ever-changing landscape of HR Compliance and Employment Law. You will inevitably need to make some updates to your policies or Employee Handbook after learning about changes in the law. There’s no need to get employee acknowledgment signatures on revised Handbooks every year.
Holiday Schedule and Time Off – whether your company shuts down at the end of the year or employees will work through the holidays, remind your managers to start thinking about coordinating time off, work schedules, and business deliverables during the holidays. Remind employees of the holiday schedule, holiday pay policies, and inclement weather policies if applicable.
401(k) – with only a few pay periods left in the year, ask employees to review their YTD 401(k) contributions so they can max out by the end of the year if they want. The maximum contribution for 2023 401(k) plans is $22,500, with an additional “catch up” amount of $7,500 for employees who are over age 50.
Benefits Open Enrollment – if you have a January 1st benefits renewal date, your benefits broker should be reaching out in October to talk about benefits you may want to add next year and cost-sharing models. Don’t forget to weave your culture and values into your benefit offerings and perks. If your company offers an FSA or DCA, remind employees that they may need to re-enroll in the FSA for the new calendar year, and remind them of the deadline to turn in receipts in order to get reimbursed for their 2023 expenses.
Employee Contact Info – W2’s need to go out soon, so remind employees to update their address in the HRIS/Payroll system. Have them review their emergency contact info and W4’s for the new year while they’re at it.
Payroll – there have been a lot of employee relocations in this last year! Before W2’s are processed, make sure employee addresses are current and that your company is registered for payroll in every state you have employees.
Workers’ Compensation – speaking of relocations, do you have Workers’ Compensation insurance set up in the right states? Review your workers’ compensation insurance policy to ensure you have coverage in all the states where you have employees.
Annual People Metrics – if your company holds an annual operations review, think about pulling People-related metrics to show turnover and growth trends for the year, employee engagement, diversity metrics, gender pay equity, and key recruiting metrics.
Annual Reviews – If your company has an end of the year or Q1 performance review cycle, then update your review templates and processes and make sure employees and managers have access to the necessary systems and tools and are trained on your company’s performance review and compensation review cycle.