Year-end can get chaotic for Human Capital Management professionals. Don’t wait until the end of the fourth quarter to get started on wrapping up 2019. Here are a few key things you can get ahead of now to end your year as stress-free as possible.
Get a Jump Start on Open Enrollment
As the year closes, companies gear up for their open enrollment season where employees choose their workplace benefits. Here are a few tips to prepare for Open Enrollment:
- Make sure you received the new rates from your insurance broker.
- Determine your companies’ contributions. Sometimes this can go up or down based on the rates given from your broker.
- Educate your employees early with open enrollment meetings so they feel prepared and informed to make their benefit sections. Offering healthcare information early in the enrollment period helps to avoid last-minute headaches and misunderstandings.
Check out our Open-Enrollment Checklist to help you better prepare for a successful Open-Enrollment season.
Schedule Special Bonus Payrolls
The most giving time of the year is right around the corner and it isn’t uncommon for employers to reward their employees with a bonus. There are a few things to take into account when you’re scheduling year-end bonuses:
- What type of bonus it is?
- Are the bonuses paid via direct deposit or live check?
- Do you want special taxation to be applied?
- Do you want bonus checks hidden in your employee self-service accounts until the check date arrives?
- Do your employees want to defer 401k contributions? 401k contributions should be deducted from bonus payrolls unless you have a written request on file from the employee requesting otherwise.
Review Employee Information
Accurate employee information can save you time and money at the end of the year. Make sure everything is up to date and correct for each of your employees. (Did anyone move or have any life-changing events such as marriage, divorce or having children?)
Most HRIS systems have a W-2/1099 report or equivalent to verify the data that is used when processing W-2’s, 1099’s, and quarterly reports. You will also want to verify that employee names and Social Security numbers are in the correct format to avoid penalties by the IRS. Each W-2 submitted with a missing or incorrect Social Security number or employee name can result in a penalty.
Reconsider Your HCM Resources
With fast-paced advancements happening in technology, there are more Human Capital Management (HCM) resources available now than ever before. Year-End is the ideal time to re-evaluate the relationship you have with your current HCM software and whether it is meeting the needs of your organization or not.
When evaluating solutions, you should be looking for a trusted partner who understands the unique business needs of your organization. In addition, you want to choose a provider who not only has the technical ability to support you, but that strategically focuses on customer success.
Here are a few questions to ask yourself in evaluating your current HCM solution:
- Is the technology platform built to meet your current and future needs?
- Can the solution enhance the employee experience and support data-driven HR decisions?
- Does the vendor understand the specific needs of your organization and its employees?
- Have they created flexible solutions to your individualized problems?
- How is the solution implemented and supported?
- What resources are available to help HR reduce compliance risk?
- Is the customer service & support timely, responsive and accessible in a way that makes sense for our company?
Download our informative white paper to learn how the right HCM provider can give you access to real-time employee data that helps managers drive productivity, provide a strong foundation for the employee experience, and make more informed decisions for better business outcomes.
Ready to consider a new HCM solution? Click here to schedule a free consultation with one of our experts!