As your company winds up Q4 and gets ready to head into the new year, take a moment to reflect on the role your HR solution played in your year-end processes and 2018 planning and budgeting. Did it meet your expectations or fall short?
As you make your assessment, here are a few ways your HR system should have helped your complete your year-end tasks efficiently, accurately and as stress-free as possible.
HR technology should give you a better handle on payroll
Organizing and updating payroll is one of the major tasks of preparing for the end of the year. Salary raises as well as year-end, quarterly or holiday bonuses must be correctly set up. W-2 forms have to be prepared and sent in January. All employee data, regulatory requirements and tax rates must be correct and up-to-date. HR technology that includes payroll processing and tax filing capabilities can help you get a handle on all of these tasks and more, with easy, on-demand calculations, tax management capabilities and ongoing compliance updates.
HR technology should provide strategic insight for corporate planning
The fourth quarter is a time to reflect on the year’s goals and your company’s progress toward them. While budgets are being finalized for the coming year, it’s important that HR has a seat at the table. HR technology that offers data analytics and reporting functionality can help you compare trends over time in diverse areas, from the most successful hiring sources to employee engagement with benefits. These insights make presentations to upper-level management on both HR and overall company strategy even stronger.
HR technology should help you ensure employee information is correct
You should be reviewing your employee information in the fourth quarter to ensure that it’s up to date. As HR expert Paul Keijzer noted, “It’s always a good feeling to have crisp, accurate data to work with.” Not to mention, incorrect employee data can impact the accuracy of year-end statements such as W2s, ACA forms and benefit statements. A HR system with intuitive employee self-service features makes it easy for employees to maintain their personal data, saving time and hassle throughout the year, not just at year-end.
HR technology should help you set your hiring goals
Determining how many people you believe you will need to hire in the new year is a key task at the end of year. HR technology that includes talent acquisition and performance management capabilities along with analytics and reporting can help you complete this process more easily and quickly. This will allow you to identify the most effective recruiters, key performers, skills gaps and more valuable insight to build your 2018 hiring strategy.
These are just a few of the ways the right HR solution can facilitate your year-end processes and planning. If your system fell short this year, be sure to give us a call and find out how 2018 can be different with PeopleStrategy eHCM.