The New Year is upon us, and while many people may be focused on their new budget, new quota, or closing out the prior year, there are many things companies must do to ensure a solid start. Below are some of the activities taking place this month that you should resolve to add to your to-do list (or ours, because CBIZ can help you with all of it!):
- Employees’ first paycheck review. It can save you time and headaches to have all employees review their paychecks each year. Make sure they aren't just looking at the money, but also each deduction, their personal information and their taxes.
- Employer audits. Take the time to review your payroll and other taxes now. Have you received updated rates, and are employees correctly classified in the right locations? Or are you expecting some changes this year that could provide you opportunities for additional tax credits? You also may have your 401(k) Discrimination Testing (depending on your plan year), FSA Discrimination Testing and other audits to complete soon. Now is the time to find it and fix it!
- Retain and communicate! This time of year is known as the best time for job hunters and it is critical for employers to have solid retention practices. A key retention strategy is communication: Make sure you are taking time to communicate to your employees by celebrating the successes of the past year and communicating the goals for the organization in the New Year. Show your excitement to get them excited. Also, don’t forget to celebrate the successes and express the goals for them personally.
- Look back and learn. Often, we quickly get busy in the New Year to recover from the distractions, breaks, holidays and events that all compile in December. Remember to take the time to look back at the previous year and learn from it. Have you delivered on promises made to the employees? Have you taken action from your employee surveys to show that you value their opinion? What do you wish didn't happen, and have you put measures in place to avoid it this year?
Take these necessary steps to ensure that 2015 starts off on the right foot for you, your employees and your business. And be sure to check out our website to see how CBIZ can help you today, too!