As 2023 comes to an end, it is the optimal time for reflection and organization, especially as it pertains to the workplace and the workforce. Closing out open items and setting clear expectations for the future can help the new year feel fresh and create an environment conducive to efficiency and productivity.
Below are the top 10 Human Resources practices that will set your business up for success in 2024.
- Update Policies
Throughout the year, employers learn what is working and what is not. Update written policies to reflect any changes. Also, update any state-specific policies to reflect new state law requirements.
- Reflect
- Departmental Review
- Have department heads explore what worked well in their departments and what did not in the previous year.
- Team Performance Reviews
Employers generally have their own timetable for employee performance reviews. Some perform reviews quarterly, some annually. Review timetables and ensure there are no outstanding performance reviews. Conduct performance reviews that are due.
- Budget
Assess the human resources budget for the upcoming year. Make sure to include costs for professional development, compliance training and legal defense. Assess any remaining funds in the budget for the existing year. Pay out any bonuses that are due.
- Wages Changes
Review and prepare for any state minimum wage and/or salary threshold increases that take effect in 2024.
- Sick, Family and Medical Leave
The number of states with new sick, family, and medical leave laws is growing, along with state-paid leave programs. The end of the year is a good time to catch up on any upcoming changes.
- Paid Time Off (PTO)
If PTO is accrued on a calendar year basis, remind employees to take and or schedule leave
- Annual Notices
Check if any state-required annual notices need to be provided to employees and get those out if you have not already done so.
- Posters
Update state and federal posters as provided.
- Benefits
Remind employees to make their benefit selections if your open enrollment is at the end of the year.
- Show Appreciation
End-of-year bonuses or fancy holiday parties aren’t always an option and that is okay. But it is helpful for morale and productivity to show gratitude for the work your employees do. How you show appreciation for your employees will depend on your business and your workforce. Be creative (e.g. office breakfast or lunch, extra hours of PTO, thank you notes).