As you start to close out 2019 and transition into a New Year, there are several Human Resource related areas of the business that we recommend you review. But before we get to the Checklist part of this Checklist… Some wisdom for 2020 from our HR Department to your HR team.
If you have been tasked with leading or setting the direction for your team’s HR function, remember to use the data you have available to you.
Do something with that data, such as create an HR Dashboard that helps you analyze metrics. Pay attention to the story that the metrics tell. Employee engagement should be one of the top strategic initiatives of your HR Dashboard and your metrics will help you determine how well the organization is doing OR if things needs to be tweaked and updated.
THE HR DASHBOARD
Successful HR Departments are able to help managers link employee goals to Company-wide strategic initiatives. Unsure what should be included in the HR Dashboard? Suggestions are included below:
- Time to fill each job order
- Quality of the hire
- Number of internal vs. external candidates
- Cost per hire
- Attendance/ Tardiness
- Benefit cost share
- Diversity of the workforce
- Average Compa-Ratio of each position (or certain positions if that is more applicable to your Company)
- Average number of hours it takes the HR Department to manage certain tasks (i.e. many of our clients are analysing how long it takes to process payroll and introducing efficiencies into the payroll process that will save time and money. Suggestion: Utilize the technology available through your Company payroll system’s self-service portals vs. relying on paper processes.
Why is this important? According to the Work Institute’s Annual Retention report, the cost of recruiting, training, lost skills \ knowledge, etc. can be as much as $15,000 per worker against a Company’s profitability. Turnover can be crushing your Company’s profits and growth potential. With this in mind, these metrics help to reduce those losses to the business.
OK, let’s get some things checked off Your list
The goal of this checklist is to provide a COMPREHENSIVE GUIDE for closing out 2019 and preparing for 2020 from a Human Resources Management standpoint. Not every item applies to every Company… BUT, “you don’t know what you don’t know”, and you can’t plan for what you aren’t thinking about. Please don’t hesitate to reach out to McCloskey Partners if you have any questions or need assistance on ANY of these items… because that’s what we are here for!
Ask yourself the following questions to make sure you are on top of your responsibilities and liabilities:
- Are you practicing procedural prudence when making plan management decisions?
- Do you clearly understand the DOL’s TIPS on selecting and monitoring your QDIA in order to obtain fiduciary protection?
- Are you documenting each plan management decision and its support?
- Are you familiar with current trends in fiduciary litigation?
- Are you certain that your plan is being administered in accordance with your plan document provisions?
- What fiduciary liability mitigation strategies are you following? (Fiduciaries are personally financially responsible for any fiduciary breaches that disadvantage participants.)
- Are you kept abreast of regulatory changes?
- Are you appropriately determining reasonableness of plan fees, services and investment opportunities?
- How do you define “success” for your plan and what metrics do you use to track progress?
- Is your current plan design communicating the appropriate messaging to encourage success for your participants and plan fiduciaries?
- Is your menu efficiently designed for the benefit of participants and plan fiduciaries?
- Are you certain you are providing all required communications and distributions to plan participants (including former participants with account balances)?
- Are you handling missing participants appropriately?
- Are you appropriately monitoring and documenting your fiduciary activities and those of your service providers?
FAMILY MEDICAL LEAVE ACT (FMLA) Administration
It’s imperative that each organization understands the training requirements mandated either through federal or state law. Also, many industry specific regulations exist that require employers to provide specific training. Please contact McCloskey Partners to learn what particular training requirements your organization may have.
The following list provides the minimum training each employer should be providing its employees:
Did you know that many states, like Pennsylvania, often have GRANT money available for certain types of training and / or for specific industries? Ask McCloskey Partners for more information! Services@McCloskeyPartners.com
WORKERS COMPENSATION AND OSHA
Our plug …
For additional information on how to check off items from your business’s end-of-year checklist, contact McCloskey Partners, LLC.
McCloskey Partners, LLC is your full service Human Resources & Recruiting & Training Provider. We can assist you with all your needs, large and small, in this complex and changing world.
It’s always better to ask a 5 minute question, then make a Million Dollar mistake!
Contact us today to discuss anything on this Year End Checklist at:
Phone: 215-716-3035 x 700.