I love January! Instead of making broad resolutions each year, such as exercise more, I focus on attainable goals. A few days before the New Year begins, I find some time to reflect on the current year and then write down a list of what I will accomplish in the upcoming year. Goals may be for a home improvement project, a financial objective, or travel plans. My husband is a “live in the moment” type of person, so he gets a little anxious when I share with him the year’s list, but he does love it when I am able to check off the items on my list once complete.
As you prepare your personal 2020 goals, take time to prepare your company goals as well. Your annual objectives should be financial as well as operational. Think through the different aspects of your business and make goals specific for each area. As you focus on each department, don’t forget human resources. Whether your business is large or small, your people are your most important asset. Here are some suggestions on ways to elevate HR in 2020
- Review Policies. It is important to review your handbook and employee policies annually for any legal adjustments. Also, read your policies carefully and make sure that you are practicing what is written. Pay attention to the paid time off policy; many times, there is a disconnect between the written policy and how PTO is practiced.
- Rethink Performance Evaluations. Mention employee reviews to supervisors, and you will hear a collective groan. The process often feels time-consuming and ineffective. It is time to rethink the process. Tie goals to the process, consider self-evaluations, separate compensation review from performance, or scrap the annual process altogether and implement weekly check-ins.
- Audit Payroll. 2020 is bringing some changes that may affect your employees’ pay. Many states have new minimum wage requirements, and the salary threshold for exempt employees increases to $648 per week. Make sure your company’s pay processes are up to date.
- Implement More Training. Education is the key to improving performance. Add more to your training budget, and it will be a positive return on investment.
- Evaluate Benefits. Don’t let your renewal date sneak up on you; start the conversation with your benefits broker at least 60 days in advance. Review renewals and consider options to get the best coverage for your employees at the best price.
- Consider Using a PEO. By partnering with a professional employer organization, your company can alleviate much of the HR burden, offer top-tier benefits, and propel your business forward by freeing you up to focus on business growth. Plus, companies that use a PEO have 15% lower employee turnover.
2020 is a new year with new opportunities. Take time to reflect and plan all that you can accomplish this year. Now, get to work! Start checking off those tasks and make this year the best ever! For more expert HR insights, visit www.MyPropelPro.com/ubjblog.
About Propel HR
Propel HR is an IRS-certified PEO that has been a leading provider of human resources and payroll solutions for more than 20 years. Propel partners with small to midsize businesses to manage payroll, employee benefits, compliance and risks, and other HR functions in a way that maximizes efficiency and reduces costs. For more information, visit www.propelhr.com.