It's hard to believe that we are closing out another year in about 2 weeks. All of us have made changes this year within our businesses and possibly personally as well. In 2011, we will have to take a hard look at our businesses again and adjust as needed to continue to succeed. We want you to know that we are here to assist you, as needed, and we will work hard in 2011 to provide you with the tools and tips that should help you manage your team better.
I want to thank you for supporting VBS by allowing us to work with you and by you taking the time to read our newsletter each month.
I look forward to being a part of your business team in 2011. Happy New Year!
| End of Year HR To Do List |
As the year draws to a close, there are important HR management functions that should be addressed for the remainder of the year and to prepare for 2011. Among the vast and varied responsibilities of HR, below are 10 components that you can still handle over the two weeks remaining in 2010:
- Goals and responsibilities. Review your HR operational goals and responsibilities to ensure they align with the company's mission.
- Metrics. Know your numbers. If you have not been doing quarterly measurement of return on investment, the year end is the perfect time to do so. This will help you determine which programs are working and should be continued and what needs to be modified, eliminated, or outsourced. Typically, this is done before submitting a budget for the next year. However, if you have already submitted your budget, it is still good to have metrics to justify decisions.
- HR information systems. Clean up your applicant tracking system data. This should be an ongoing effort, but if you have not been diligent during the year, then now is a good time to check the integrity of your applicant flow data. Make sure the pertinent fields are being populated and are up to date. This will be very helpful for accurate EEO-1 reporting.
- Record-keeping. Ensure you are complying with record-keeping requirements by federal and state agencies. Requirements pertaining to length of time to keep records may vary between agencies for the same documentation. It is recommended that you follow the guidelines of the agency that requires retaining the record for the longest period of time. That way, you will be in compliance with the other agencies.
- Staffing. What is the big picture of staffing in your company? Determine this by developing an organizational profile, conducting workforce and availability analyses, and developing placement goals.
- Communication. Ensure The Employee Handbook is reviewed and revised, if necessary. The Employee Handbook must be delivered to employees as a hard copy or stored electronically where it is accessible and easily retrievable by all employees.
- Corporate compliance. Any required annual or refresher training, such as Workplace Harassment, Corporate Code of Conduct, Ethics, etc. should be completed and recorded.
- Legal compliance. Ensure that all HR functions including workforce planning, recruitment, human resources development, reward systems, and employee relations are in compliance with applicable laws and regulations. Example, review your Equal Employment Opportunity (EEO) actions and your Affirmative Action Plan (AAP) to ensure they are in compliance with the regulations of Office of Federal Contract Compliance Programs (OFCCP).
- Policies and procedures. Review your various existing operational procedures and policies manuals to ensure they are still applicable to the current functions and will be applicable in 2011.
- Trends and benchmarks. Identify learning opportunities and develop processes to use benchmarks and capture trends in order to make better HR decisions.
Human capital is one of the most valuable assets of a company. It is important that systems and programs are in place to manage employees properly; comply with federal, state, and local laws and regulations; achieve the company's goals for return on investment; and manage risks.
Should you need assistance with attaining and maintaining compliance, contact us at 202-832-1388 to discuss year-end and first quarter 2011 compliances. You may also visit the Resources page on our VBS web site for forms relating to compliance.
| End of Year Payroll Checklist |
Many companies outsource their payroll functions. However, if you handle payroll yourself, below are a few tips to help ensure you cover the basics as you approach the end of the year:
- Ensure employees' addresses are up to date to receive their W2 information. This includes addresses for both current employees and employees terminated within the past year. One way to do this is to ask current employees to verify their addresses on their most recent pay stub in December.
- Record outstanding checks to comply with unclaimed property law. This should be done throughout the year (when payroll checks are returned undeliverable) to compile in a report at year end.
- Ask employees to review their tax withholding for 2011 and complete a new W-4 if there has been a change in their status. You may direct them to the IRS Withholding Calculator.
- Review Paid Time Off (PTO) balances and remind employees of PTO carryover policy.
Some employees may be eligible for Earned Income Tax Credit depending on their income. Remind employees of where to find information regarding their eligibility, forms, and instructions. You may refer them to contact the IRS by calling 1-800-829-3676 or through its Web site atwww.irs.gov/individuals..
We at VBS wish you a very happy and safe holiday season and are looking forward to supporting you and your team in 2011.
Vital Business Solutions