As 2020 is winding down, now is the time to review your HR practices and policies to ensure you are keeping current with new regulations, labor laws and market trends. As your company has evolved and changed this year, your current policies and practices may need to be reviewed and adapted.
What are some of the areas that we recommend you review before the end of the year?
Labor Law Compliance – Did you know that as the number of employees in your company increases or decreases, the employment regulations that you are required to follow may also change? That is why it is very important to review federal and state regulations specific to company size. We recommend you begin with a review of these regulations. If you are not familiar with these regulations, you may want to consult with an HR advisor who can provide this information or check your state workforce commission’s website.
Compensation – Compensation can be a significant driver for employee retention so making sure you are paying at the market level is critical. The first step is to collect market salary information and then compare it to your positions. Equally important is ensuring you are paying employees fair and equitable, so conducting an equity pay review is recommended. If you haven’t decided on pay raises for 2020, now is the time.
Employee Handbook – January is the best time to introduce changes to your handbook, so it is time to review and update your employee handbook. This year, as a result of the COVID-19 pandemic, many companies have changed the way employees work and policies may need to be added or revised. Other changes may need to be made regarding holidays, paid time off and benefits, just to name a few.
Recruiting Plan – One of the biggest challenges companies face is hiring the right people for the right seats. Begin by creating a workforce plan that identifies your staffing needs and from there develop a recruiting plan. Our checklist includes a list of hiring processes you need to review before the new year begins.