As 2023 draws to a close, HR professionals are gearing up for panic mode. We all know there's much to do at the end of the year, and it can be overwhelming to proceed without a plan.
One core responsibility, of course, is to stay informed about evolving legal requirements. While this is something all HR professionals should keep track of throughout the year, it can be challenging to make time for deep dives, so these tasks often fall to the end or beginning of a quarter.
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As we head into a new year, pay close attention to federal regulations. Check for updated overtime laws, health savings account contribution limits and changes to Form 1095-Cs, which report information about health coverage offered to employees. Staying ahead of these changes is crucial to avoid potential penalties and ensure compliance.
Other areas that need to be on the Q4 radar include federal, local and industry-based requirements. Alongside federal laws, it's essential to be aware of any changes to state and local employment laws. Different regions may implement new regulations that impact various HR functions – from hiring practices to paid-leave policies. Stay proactive by regularly reviewing these changes and helping clients adapt their HR policies accordingly.
Q4 is filled with several employee-facing, end-of-year reminders. HR pros need to ensure the important ones are getting through to the right audience. As a rule of thumb,
Benefits utilization is another critical area to address. As the year concludes, employees need to be reminded to use benefits they've already paid for, such as health plans, wellness programs and educational assistance. Offering guidance on how to capitalize on these benefits can lead to a more satisfied workforce and showcase your client's commitment to employee well-being.
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In spite of being such a busy time of year, Q4 is an ideal time to start planning for the next open-enrollment period. Evaluate the effectiveness of current benefits plans and be sure employer clients gather feedback from their employees to identify areas for improvement. It's important to prepare clear communication materials and engage employee populations early in the process to ensure they have ample time to make informed decisions about their benefits for the upcoming year.
While considering revisions to the current HR and benefits strategy, it's essential to review the progress that's been made thus far and identify areas of improvement for Q4 and beyond. This process should include a reflection on the previous year. Take some time to reflect on the challenges your clients faced in 2023. Identify pain points and bottlenecks that occurred throughout year-end processes. Evaluating these struggles will help them plan ahead to mitigate similar issues in the upcoming year.
Improving company culture is another key objective that needs to be addressed. With the possibility of a more stable financial situation in the coming year, advise clients to consider reviving company outings and team-building activities that may have been put on hold since 2020. These events contribute to fostering a positive workplace culture and boosting employee morale. Planning these activities well in advance will ensure their successful execution.
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Finally, it's important to establish goals for 2024. As Q4 progresses, set clear goals and timelines for your clients' HR departments in 2024. These goals should be aligned with the overall business strategy and address key HR areas such as recruitment, employee engagement, training and development, and compliance. By thinking strategically and planning ahead, you can help position HR teams for success in the upcoming year.
Everyone's Q4 checklist will look different. However, this is a great place to start to guarantee a smooth transition into the new year while addressing three top priorities in the HR department: legal changes, employee-facing reminders and departmental goals. As you navigate the challenges and opportunities clients face in Q4, remember effective planning and thoughtful execution will set the stage for a successful year ahead.
