Happy 2020! A new year. A new decade. So who doesn’t love a restart? Instead of making broad resolutions I focus on attainable goals. A few days before the New Year begins, I find some time to reflect on the current year and then write down a list of what I will accomplish in the upcoming year.
As you prepare your personal 2020 goals, take time to prepare your company goals as well. Your annual objectives should be financial as well as operational. Think through the different aspects of your business and make goals specific for each area. As you focus on each department, don’t forget human resources. Whether your business is large or small, your people are your most important asset. Here are some suggestions on ways to elevate HR in 2020:
It is important to review your handbook and employee policies annually for any legal adjustments. Also, read your policies carefully and make sure that you are practicing what is written. Pay attention to the Paid Time Off policy; many times, there is a disconnect between the written policy and how PTO is practiced.
Rethink Performance Evaluations.
Mention employee reviews to supervisors, and you will hear a collective groan. The process often feels time-consuming and ineffective. It is time to rethink the process. Tie goals to the process, consider self-evaluations, separate compensation review from performance, or scrap the annual process altogether and implement weekly check-ins.
Implement More Training.
Education is the key to improving performance. Add more to your training budget, and it will be a positive return on investment.
2020 is bringing some changes that may affect your employees’ pay. Many states have new minimum wage requirements, and the salary threshold for exempt employees increases to $648 per week. Make sure your company’s pay processes are up to date.
Evaluate Employee Benefits.
A 2020 NY Small Group Health Plans page is a good starting point. Don’t let your renewal date sneak up on you, start the conversation with your benefits broker at least 60 days in advance. Review renewals and consider options to get the best coverage for your employees at the best price.
Consider Using a PEO.
By partnering with a Professional Employer Organization (PEO), your company can able alleviate much of the HR burden, offer top tier benefits, and propel your business forward by freeing you up to focus on business growth. Plus, companies that use a PEO have 15 percent lower employee turnover.
2020 is a new year with new opportunities. Take time to reflect and plan all that you can accomplish this year. Now, get to work! Start checking off those tasks and make this year the best ever!
The number of small and medium-sized employers using professional employer organizations (PEO) continues to increase each year. Often, it is thought that the growth of the PEO industry is due mainly to the benefits business owners see from this partnership. However, owners aren’t the only ones who gain from working with a PEO.
Small business employees, too, stand to benefit from the services and solutions offered by PEOs today. Let’s take a look at a few examples of the positive outcomes that small business workers see when their employer works with a PEO.