As your company heads into the fourth quarter, your HCM should enhance your year-end preparations, giving you valuable insight into your organization's successes, processes and future goals.
Here are some specific ways that your HCM should help you prepare for year-end:
Gives you a better handle on payroll
Organizing and updating payroll is one of the major tasks of preparing for the end of the year. You should ensure that all salary raises have been entered into the system and that any year-end, quarterly or holiday bonuses are correctly set up to be applied. W-2 forms are another area that should be addressed, as they'll need to be sent in January. Your HCM should help you get a handle on all of these tasks and more, with easy, on-demand calculations and tax management capabilities.
Make stronger strategy presentations with the help of your HCM. Provides insights for strategy presentations to company leadership
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. With the right HCM, you can compare trends over time in diverse areas, from talent management to engagement with benefits. These insights make presentations to upper-level management on both HR and overall company strategy even stronger.
Ensures employee information is up to date
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." An HCM with intuitive employee self-service features can make collecting updated address and contact details easier than ever, as employee can simply sign in and update their details in just a few clicks.
Facilitates targeted end-of-year reviews
The fourth quarter is a popular time to hold performance reviews. Your HCM can help by automating the process with notifications and alerts that can keep you on track. Screen views can give you side-by-side comparisons of employee and manager ratings on your performance review questions, while electronic signature capture helps you avoids loose ends.
Sets recruitment goals
Ensuring you have the right people on board is integral to your company's success in the coming year. Use the talent acquisition and performance management functions in your HCM to review your recruitment practices and set priorities for hiring or professional development initiatives in January.
With these and other functions, your HCM will strengthen your year-end HR efforts, not create confusion.