The beginning of the year is a busy time for many businesses, and the same applies to Human Resources Departments. From recruitment, performance appraisals and payroll to policy reviews, it is an important time for HR to plan to make sure that the beginning of 2023 is strong.
Below are suggestions that the HR professional might want to consider that will help you get started. Here are 7 things that HR leaders need to contemplate before the year 2023 gets away from them:
#1 Conduct surveys to gain insights into employee engagement and satisfaction
The beginning of the year is the time of restructuring for most companies, especially given the changes during the past few years. However, it is also a time when employees start planning for the year ahead and look for new job opportunities if they aren’t satisfied with their job. Surveys taken report that the main factors that drive employees to leave their jobs are the following:
Lack of career development
Lack of appreciation
Lack of training opportunities
Low pay
Overworked
Inflexible work environment
Internal informal surveys help employers better understand how employees view the company, offering valuable information to help develop action plans that improve job satisfaction, performance and improve positive company culture.
#2 Review the effectiveness of learning and development programs
Very often companies overlook how important continuous learning and development is for their employees. For some companies it may be paying attention to supplying a robust training budget or sending employees to well-known conferences. These initiatives help achieve business objectives. HR can also look into other training methods to increase effectiveness and reduce the cost of programs.
#3 Conduct performance reviews
Performance Reviews are the perfect vehicle to get constructive feedback from both the employer's and employee's perspective. These reviews should provide feedback and discussion on the employee's performance, strengths, weaknesses, improvement areas, and career development. However, many employers and HR leaders make the mistake of not preparing beforehand and freestyling during these important sessions, which can seem daunting to employees. Take time to prepare and analyze the performance of each employee on their current projects and ensure that you take note of both the positives and negatives of the employee before the meeting.
#4 Re-evaluate employees’ salaries and benefits
Salary evaluations usually go hand in hand with performance reviews. Hence, HR leaders should evaluate each employee’s pay and benefits as soon as the performance reviews are in. This ensures that employees are paid fairly and competitively for their responsibilities and rewarded for their achievements. After all, salary remains one of the most impotent factors in overall employee satisfaction.
#5 Look over company policies and update them accordingly
Clear HR policies are essential in running a successful company and managing a diverse group of individuals. As time goes on, some policies can become redundant and/or obsolete as companies change and grow. Therefore, it is recommended that they should be reviewed regularly to point out areas of improvement and change, and be updated accordingly. To effectively review your policies and procedures, consider these steps:
Complete an HR policy audit
Conduct HR policy competitor research
Go through updated policies with Managers across departments
Implement the new policy into the new onboarding process
#6 Review the HR budget to allocate resources for the new year
Since the most essential asset of a company is its people, the HR budget should be planned out, communicated to and approved by relevant teams. As a general rule, the HR budget typically encompasses funds allocated to recruitment, payroll, talent management, learning and development training, facilities and equipment needs, and employee wellness planning. Therefore, reviewing past budgets and analyzing your workforce needs is important to prepare your 2023 HR budget.
#7 Express gratitude to your employees
Although your employees get compensated for their work it still feels great to be appreciated and cared for. It can also help motivate employees to continue bringing their best self to work and stay positively engaged in the company. A few ways to show appreciation and gratitude include sending out personalized thank you cards and throwing an appreciation party for your employees. Never forget to say thank you at any time for a job well done. It goes a long, long way.