The summer is nearly over and now it’s time to look forward to the fall. I wanted to check in with you and suggest a check-up on your operation. The economy continues to heat up and there’s a lot happening, so I wanted to take a moment to provide you a brief list of important items you should be focusing on to help you make managing your business a bit easier:
1. Turnover is Increasing: With an improving market, there is strong evidence that employees are feeling more confident and many, particularly coveted star performers, are beginning to look to make job changes. That’s not good for you.
Advice: Make sure your managers and supervisors are focused on employee retention. Implement a progressive retention program and initiate an annual employee satisfaction survey to take a pulse of your organization.
2. ACA Deadlines: Deadlines for the Affordable Care Act are upon us.
My Advice: Make sure your plan meets all the new requirements and plan to provide employee education programs. You may also want to change your new enrollments dates and your benefit eligibility requirements. Update your classifications for full-time and part-time employees and evaluate whether it makes sense to restructure your staffing to address “pay or play” thresholds.
3. Evaluate Your Hiring: As the economy expands, you may find the need to add staff. With an improving economy, finding good people is proving more difficult.
My Advice: Reevaluate your entire recruitment program, develop your recruitment brand, expand your recruitment tools to reflect the times by utilizing more social media, and retrain your managers in interviewing techniques. Like a magnet, your program should be attracting people rather than focusing on searching candidates out.
4. Develop a Succession Plan: The reality is our workforce is getting older. 10,000 baby boomers will hit 65 every day for the next 17 years.
My Advice: Put in place a succession plan that focuses on both succession of your key managers and developing bench strength across the organization. Strong talent in waiting means higher productivity today.
5. Reevaluate Your Compensation Plans: Expect to see increases in your health care costs coupled with pressure to increase wages due to this improving economy.
My Advice: Before you make adjustments, review all your compensation plans and conduct a comprehensive market analysis of both your wages and benefits. Any changes to your plan should be made within the context of your overall compensation strategy and be linked to employee productivity and performance.
6. Evaluate Your Policies and Procedures: In the last two years we have seen an incredible number of new laws, court decisions, and executive orders that are impacting your workforce. Many require policy changes. FMLA, ACA, medical marijuana, social media, concealed weapons, and independent contractors are just some of the mandates needing immediate attention.
My Advice: Update your employee handbooks and policy manuals, educate your managers on the changes, and communicate them to your employees.
7. Update Your Strategic Plan: Changes in the law, staffing plans, wage and benefit changes, new legal requirements coupled with an expanding and changing economy are clear triggers to the need to update your strategic plan.
My Advice: If you have a working plan, review to determine if modifications are needed. If you don’t have a plan, now is the time to begin developing one.
Take the time to evaluate your organization’s status in each of these critical areas.