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Compensation and Benefits Manager’s End-of-Year Checklist 

As the end of the year approaches, it’s a good idea to plan ahead and set yourself up for success. Here’s a list of what Compensation and Benefits Managers can do to prepare for the new year.

EVALUATE OPEN ENROLLMENT  

The open enrollment period for health insurance coverage in the coming year typically occurs in October, November and December. Compensation and benefits managers should evaluate what worked and what didn’t to determine how to make the process smoother next year.

BE PREPARED FOR NEW LAWS TAKING EFFECT  

The new year often brings new laws that may effect whether or not a company’s current pay and benefits packages are in compliance with state and federal laws. New laws taking effect could include a salary history ban, a minimum wage increase or the legalization of recreational marijuana. Before the new year begins, make sure you have a thorough understanding of the updated statutory and regulatory requirements. Restructure pay systems or benefits plans as needed.

AUDIT FUNCTIONS AND PROCESSES 

Conduct an audit of materials and processes to reflect the new changes. Make sure all materials are compliant and up to date. Make sure all human resources personnel are trained on any new systems and have a thorough understanding of how the new laws change what the company offers in terms of benefits and compensation.

RESEARCH THE COMPETITION  

Compensation and benefits can be a large part of whether a new job candidate accepts a company’s offer of employment. It can also be a large factor in whether a current employee stays with their current company, or starts looking for better opportunities. Part of the manager’s job is to research what other companies are offering in terms of compensation, health insurance, retirement plans and other benefits. They should also keep an eye on industry trends in each of these areas.

FINALIZE RECOMMENDATIONS FOR MANAGEMENT  

After conducting that research, compensation and benefits managers should present their findings to senior management and make recommendations on how to stay competitive. This can mean restructuring the pay scale for certain positions that require skill sets that are in high-demand, and/or brokering new partnerships with insurance providers and companies that manage retirement plans. Then be ready to implement these changes if they are approved.

 

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