As the end of the year (and decade) approaches and you complete your 2020 business plan, it’s time to look toward your human capital needs for the new year. There are three areas we recommend reviewing at the end of every year: your “HR state of the union,” a check-up of your day-to-day HR functions, and a detailed new year recruiting plan.
In this blog post, we’ll give you the resources and tips to finish the year strong and plan for 2020 with your human resources and recruiting strategies in place.
1. Assess Your HR “State of the Union”
First, you should use the end of the year to take a high-level look at your HR functions. Review this short list of questions to see how prepared your company is for the upcoming year:
Are you confident that you have a successful plan for hiring the right people?
Do you know how your compensation and benefits compares to the market and your industry?
How many of your employees will leave your company due to lack of career advancement or learning opportunities?
How are you going to equip your managers with the tools and knowledge to improve employee performance, retention and engagement?
What employment risk are looming that could interfere or disrupt your business plan?
If you’re struggling to answer any of these questions, reach out to a qualified HR professional and request a consultation.
2. Complete Your End-of-Year HR Checklist
At the end of each year, it’s important to review your day-to-day HR functions and ensure everything is in order. This protects your company from costly liability issues, mistakes, and potential pitfalls.
Ensure compliance with new state, city, or federal labor laws (such as the newly updated Overtime Rule)
Verify that correct labor laws are properly posted
Review and update all company policies
Ensure employees are properly classified as exempt (salary) or non-exempt (hourly)
Update or develop a new employee handbook
Plan and perform annual performance reviews
Remind employees to update their personal information for benefits cards, tax documents, etc.
Audit and organize personnel files for compliance
Review hiring processes for compliance and effectiveness. Review these processes:
Engagement and Retention
Check with departments for staffing needs and start planning for new hires
Again, if you’re stumped by any of these areas, reach out to a qualified HR consulting firm to help.
Download our printable end-of-year HR Checklist using the link below.
3. Plan for Recruiting in 2020
Have you created a workforce plan for the new year? Too few business owners think ahead when it comes to hiring, instead filling positions as they go.
This strategy (or lack thereof) only works in a job market where the employers have the advantage; in other words, not this one. A workforce plan provides you with a roadmap by first predicting employment needs and then backward planning your hiring and onboarding process. For instance, if you think ahead and know you’ll likely need an administrative assistant by spring of 2020, and you know it takes around 3-4 months to find the right candidates and conduct interviews, you’ll need to start posting the job description around the first of the year.
A workforce plan takes the guesswork out of hiring and predicts your future needs.
Need help developing your recruiting plan for 2020? We’re ready! Here are just a few of the positions we’ve filled in the past months:
Human Resource Manager
Software Sales Account Executive
Sales and Marketing Coordinator