15/12/2015
As 2015 comes to a close there are many year-end responsibilities. The most important year-end preparation revolves around compliance, benefits, and payroll administration. Completing the following list ensures that you begin the New Year with all things in order. It also allows for accountability for the accuracy each task.
To prepare for the New Year your policies and procedures must be up-to-date, to stay compliant review the following:
Benefit Plans – Reporting on all benefits afforded to every employee can be a lengthy and somewhat complicated process, but it is crucial to ensure that all employees are properly covered.
Payroll and Salary Administration Assessment – Ensure that all relevant paperwork and employee information are in order such as:
• Update employee information – Update records for employee addresses, demographic, and emergency information etc
• Discuss salary changes – If salary changes are discussed with employees, provide such compensation in writing.
• Issue year-end paychecks – These paychecks should include year-end bonuses and holiday/overtime pay where applicable.
• Adjust payroll – Salary adjustments, merit increases, and minimum wage increases must be reflected on payroll.
Archive Terminated Employee Folders –The end of the year is a good time to archive your terminated employee folders, removing them from your current employee folders will help streamline your processes.
Review Job Descriptions for Personnel Files – During the year, employees may have taken on new roles or responsibilities, each employee should have an up-to-date and signed job description in their file.
Review the Employee Handbook – Any changes in company policies must be noted in the handbook. Completing this task annually at year end will guarantee that important updates don’t slip through the cracks.
Depending on the size of the organization, the time it takes to complete year-end tasks would vary. Starting as early as possible ensures that you have adequate time to fully prepare.
