The end of year is officially here! Where on earth did the last 12-months go?
Soon we will be faced with the realisation that a new year has commenced, and we will be writing 2022 instead of 2023 for at least a month.
But with a new year comes fresh opportunities and challenges. Whether your business is closing down for the end of year or facing your busiest period, it is important to take some time now to reflect on the past 12-months and prepare for the year to come.
Outlined below are several ‘HR End of Year Check-in’ items for you to consider:
Review your highlights and challenges
What were the highlights for the year? What were the challenges for the year?
How did you achieve the highlights and how did you navigate the challenges?
Reviewing the performance of your business can provide you with valuable insights and help direct the way forward for the new year. You can understand what you have learnt over the past year and how you can use those lessons to grow and improve your business.
Review your HR Metrics
Were your recruitment activities efficient? How well did you retain staff? How engaged were your staff? How productive were your staff?
Reviewing your key HR metrics will help you assess the effectiveness of your HR initiatives during the past 12-months and allow you to improve your HR strategy for 2023.
Ensure you not only review your HR metrics for 2022 but also set your HR metric targets for 2023.
Our ‘Complete Guide to HR Metrics’ eBook can assist you with reviewing key HR Metrics, which you can access here.
Ensure you are up to date on key employment law changes and HR trends
2023 will see some significant IR Reforms with the Anti-Discrimination and Human Rights Legislation Amendment (Respect at Work) Bill 2022, the Fair Work Amendment (Paid Family and Domestic Violence Leave) Bill 2022 and the Fair Work Legislation Amendment (Secure Jobs, Better Pay) Bill 2022 becoming law after passing through parliament.
There is a lot to unpack and EI Legal have summarised the key changes and what you can do as a business to prepare in their recent blog.
In addition to the key employment law changes, there is a lot of uncertainty in 2023 with the current climate of low unemployment and the war for talent along with a potentially contracting economy.
Watch our recent webinar that discusses the HR trends for 2023 and what strategies you can take to navigate these new challenges.
Consider your Staff Health & Wellbeing Initiatives
With higher cost of living challenges and talks of a recession, a lot of your staff members may be facing increased financial stress in 2023 which can lead to a direct impact on their mental health and as a result impact on business productivity and attendance.
Consider what health and wellbeing initiatives you can improve on or introduce in 2023 to support your staff during this time. This could be providing access to an Employee Assistance Program (EAP) or wellbeing education and resources. You could also encourage and support staff to take time off to relax and recharge or provide staff with paid wellbeing days in addition to their standard leave entitlements.
Another initiative to consider is supporting your managers by upskilling them with the knowledge, tools and resources to effectively support their direct reports health and wellbeing as well as their own.
Determine your HR Strategy
Once you have objectively assessed the last 12-months and reviewed your key HR Metrics, set your HR Plan for 2023 outlining your strategic goals and priorities to ensure any investment in HR initiatives provides measurable business value. Ensure you align your HR Plan to your overall business objectives.
As part of your strategic planning, ensure you consider your workforce requirements, and that each team has considered their workforce needs for the year. Does your current workforce have the skills and capabilities required to ensure your objectives are met or will you need to invest in developing existing talent or hire new talent? Do you also have the right people in leadership positions to navigate 2023 and contribute to achieving the business objectives?
Our ‘Strategic HR Planning Made Simpler’ eBook can assist you in developing a one-page HR plan. And you can also access our recent article on conducting a skills matrix to support your workforce planning.
Set your 2023 HR Calendar
Prepare a HR Calendar to outline your key dates for HR activities in 2023. This should include activities and initiatives such as when you will be conducting your employee engagement survey, events and social activities, awareness days, key compliance dates, holding performance reviews, undertaking training activities, key anniversaries etc.
Preparing this calendar now will help you roll-out your HR activities and initiatives pro-actively in the new year.
Other End of Year Activities
And finally, ensure you have completed other key end of year activities such as:
- Supporting your payroll team to ensure a smooth processing of payroll during the end of year. Our Payroll team’s recent blog can help you with this planning: ‘Getting your payroll right during the holidays’.
- Preparing for new starters commencing in January 2023. Ensure their onboarding activities have been organised and key action items finalised, so that you are adequately prepared to welcome them on their first day and make a great first impression.
- Reviewing policies, procedures and contracts. Take the time to review your current policies, procedures and contracts and ensure they are up-to-date and compliant.
About Employment Innovations
Employment Innovations is one of Australia’s leading providers of employment services designed to increase productivity and ensure compliance. Its services and solutions include all the tools that every Australian small to medium sized employer needs – including workplace advice, legal services, payroll solutions, migration, human resource management and HR software.
The information provided in these blog articles is general in nature and is not intended to substitute for professional advice. If you are unsure about how this information applies to your specific situation we recommend you contact Employment Innovations for advice.