By now, most schools have started, and we are gearing up for fall with pumpkin spice, apple picking, and planning Halloween costumes. Whether you love fall or are saddened by the end of summer, we all know this time of year is a busy time for businesses – particularly HR teams. To help you with this busy season, we’ve put together a checklist to help you wrap up 2023 and plan for 2024.
Wrapping up 2023:
- Compensation Planning | With budgeting going on, it’s time to make sure your salary ranges, merit increases, and bonuses are planned and budgeted for. If your organization doesn’t have salary ranges or you need a refresher, you can read through this step-by-step guide from SHRM on how to establish salary ranges.
- Calendar Year Benefits Reminders | Remind employees to take advantage of calendar-year benefits such as FSA funds, 401k deferral allowances, and PTO
- Year-End Legal Changes | Make those updates to your handbooks, agreements, and policies. Check for new legislation for 2024 for your states and make updates as needed.
- Employee Data Accuracy | Be sure to let your employees know that they need to make you aware of any changes made to address, name changes, marital status, or other important information in their records. Remind employees they can resubmit their W-4 should they experience any significant changes to filing status.
- Benefits Open Enrollment | Many organization’s benefits programs run on a calendar year. If that’s you, it’s time to start planning for your benefits offerings and communications to employees about open enrollment.
Planning for 2024:
- Create Rhythm of Business | Calendar those important dates. Open enrollment, performance reviews, engagement surveys, annual audits, and team events.
- People Development Plan | Organizations that provide training and internal advancement opportunities are more effective, according to research by McKinsey. It’s imperative that we prioritize developing people through a variety of opportunities for on the job, on demand, and personalized development through coaching. Now’s the time to align the learning and development goals with the overall business goals and incorporate them into your 2024 budget.
- Annual Handbook Review | Handbooks should be reviewed by the People Team and your legal advisor (as necessary). In addition, they should be signed by all employees annually.
These are just a few of the things to think about as we wrap up 2023 and plan for 2024. If you have any questions or need some help planning, Reverb is here to help! Send us a note at info@reverbpeople.com
