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Another year is coming to a close, which means there’s a long list of human resource housekeeping items that need to be squared away before 2024 rolls in. To help ensure you start the new year strong, we’ve compiled a list of the key HR to-dos that you don’t want to miss.
Train managers on new labor law updates
It’s important to be aware of HR changes at the federal and state levels so you can take proactive steps to prepare your company and remain in compliance. There are a lot of important updates that employers should be prepared for.
For a comprehensive list, check out our article on 2024 labor laws Hawaii employers need to know for the new year
Prepare Form W-2 for employees
A big task for the top of the year is issuing a Form W-2 for every employee who received a paycheck in 2023 and ensuring this happens by January 31, 2024. This will require employers to have year-to-date totals for each employee for wages and withholding, along with deductions for medical plans, health savings accounts, and other items.
To ensure all Form W-2s are received by employees on time, we recommend requesting all employees verify their correct mailing address before the end of the year. Or use an automated system like HR Symphony to help manage changes for employee W-2s.
Sound overwhelming? One of the benefits of partnering with simplicityHR or another Professional Employer Organization (PEO), is this task is handled for you. A PEO will prepare and file all relevant tax documents on your company’s behalf.
To find a full list of rules and regulations regarding the Form W-2, please check the IRS website
Recap performance evaluations
Ideally, managers should check in with their employees at least once every quarter to review goals, monitor progress, and offer feedback, support, and coaching.
An end-of-the-year performance evaluation could be a summary of your check-ins throughout the year. Use this as a time to discuss what else the company can do to help employees be successful in the coming year and allow them to share feedback about how they’re doing. These ongoing discussions should give employers a good idea of the levels of employee engagement.
If your team is not currently meeting throughout the year, the New Year is a great time to start.
Read also: 5 Steps to Hassle-Free Performance Evaluations
Update your employee handbook
Did you add a new policy or change your benefits recently? Have there been state or federal employment law changes within the last year? If so, your handbook needs an update.
Ideally, employers should review their handbooks annually to ensure employees have the most up to date information. A natural fit to do this review would be at the end of each year so you’re compliant for the new year.
Make 2024 your most efficient year yet
If you’re struggling to manage all the HR aspects of running a business–compliance, payroll, training, benefits, risk management, employment law—you’re not alone.
Many businesses in Hawaii trust simplicityHR by ALTRES to take care of their human resource needs. We’ll help you navigate the HR realm, so you can focus on what’s important, running your business.
Start the New Year with a new way to do business, one that saves you time and money. To learn more about how you can simplify with simplicityHR, contact us today