EOY tips, tricks, guidelines and complimentary eGuide

2024 is nearly in our rear-view mirror. Before it gets away, get your year wrapped up with some helpful tips and guidelines, a very useful list of 2025 holidays, and even a peek into SMB trends you may want to keep on your 2025 radar. Plus, you get a free eGuide to help manage your EOY tasks. Above all, take some time to reflect on what you’ve accomplished this year, you deserve it.

If you work in an HR department— and the end-of-year seems like a hectic time — this guide is here to help you. Learn about 7 tricky year-end scenarios and insight on how to address them and help keep the details organized this year.

The checklist is fully editable. This means you can change tasks to match your unique onboarding processes and branding.

Gain access to their insights in this free year-end guide on these seven scenarios:

• Administering bonus checks to remote workers  
• Engaging remote employees in company holiday functions  
• Communicating to employees using encrypted emails  
• Questions to consider asking to employees in year-end engagement survey  
• Recruiting during year-end    
• New benefit offerings to consider for the new plan year  
• Goal setting with employees for the new year 

At year-end, HR teams face a pivotal period to set up a seamless transition into the next year. This comprehensive year-end checklist enables HR departments to not only meet compliance requirements but also to maintain and enhance employee satisfaction, optimize workflows and plan for future growth. Get a detailed look at each area of focus in the HR year-end checklist, the importance of early action and the potential pitfalls of delay.

1. Benefits Administration

Instead of delegating all planning activities to one or two people, try to assemble a group of diverse colleagues to provide insight throughout the party planning process. This can be an opportunity to highlight many traditions in an inclusive manner. It can also help to reduce conflict with certain beliefs.

Advantages of Early Start:

• Early preparation allows time for a thorough review of benefits packages and a competitive analysis, giving the company an edge in attracting and retaining talent. 
• Compliance tasks such as ACA reporting and FSA contribution amendments require data collection and verification. By starting early, you reduce the chance of errors that could lead to costly IRS penalties.

Risks of Delay:

• Procrastinating on ACA reporting may result in non-compliance penalties, while late changes to FSA contribution limits can lead to inaccurate deductions, creating tax implications. 

Late distribution of health insurance cards or dependent coverage verification can frustrate employees and potentially impact their access to care.

2. Payroll Management

Payroll activities are crucial for both regulatory compliance and employee satisfaction. Accurate payroll management can prevent financial discrepancies and ensure smooth operations as the new year begins.

Advantages of Early Start:

• Getting a head start on payroll review prevents disruptions in compensation, which directly impacts employee morale.
• Early preparation for the first payroll of the year and timely W-2 and 1099 distribution helps avoid penalties and reduces year-end stress on the payroll team.

Risks of Delay:

• Delays in payroll adjustments or bonus scheduling can result in inaccurate compensation, tax withholdings, or missed holiday payments, which can significantly affect employee trust.
• Missing W-2 or 1099 deadlines can incur fines from the IRS and create frustration among employees who rely on timely tax documents.

With the new year underway, it’s time to plan out what work schedules and calendars will look like for the year. One of the best places to start is with federal holidays.

Multiple states and the District of Columbia now observe Native American or Indigenous Peoples’ Day, in place of or in addition to Columbus Day. We recommend checking with your city and/or state to check for updates.

Small business owners can greatly benefit by staying up-to-date on the latest trends. Those trends might involve finance, marketing, labor, new technology, or even seasonal effects. For example, in a survey by the NFIB Research Center, 43% of business owners reported difficulty filling job positions. In September 2023, of the 61% of businesses hiring or trying to hire, 93% reported few or no qualified applicants. This ongoing labor market trend not only affects current business efforts, but it can affect future plans as well.

The same survey showed sales were up — but small businesses (29%) are also raising prices to keep up with inflation. Per NFIB Research Center survey referenced above, a significant percentage of business owners (23%) said inflation was tied with labor quality as their top concerns, and although there’s a general uptick in positive feelings about the economy, only 33% of business owners are optimistic. But either way, 71% of small business owners are expecting increased revenues in the next 12 months.

Many business owners monitor emerging trends to help them make short-term and long-term decisions. In this article, we'll provide insight on which way the wind is blowing in the business world.

Boost your year-end wrap-up and plan for what may be in store with a new administration. Check out our informative, curated events.