Ah, April. It’s the month we celebrate flowers blooming, baseball fields opening and taxes filing. Spring brings with it a feeling of renewal, and many of us celebrate with a little spring cleaning of our homes, offices and digital worlds.
April also happens to be Financial Literacy Month – an excellent reason to pause and take stock of our financial goals. How close are we to achieving them? What tools can help us plan and budget better?
These questions and more are certainly on the minds of the employees at your company. The recent Purchasing Power Financial Stress Survey 2018, conducted by Harris Poll, showed that 87% of those who are employed full-time or have a spouse employed full-time are at least somewhat stressed about their current finances.
So, in the spirit of demolishing dust bunnies and conquering crannies, let’s take a look at some top tips for spring cleaning in your HR department:
Tidy up files.
The first quarter of the year has blown right by, and HR may look like it took a direct hit from the storm. Take time now to go through personnel files and I-9 forms to tidy them up. Delete/throw away/reorganize, re-alphabetize, replace worn out folders, etc.
Look through job applications and shred those that are past their retention date. Re-file the remaining ones.
Brush up on the employee handbook.
Was your employee handbook revised more than one year ago? It may need an update. Read through policies for any vague or outdated language so you don’t run the risk of violating federal or state labor laws. Make sure policy language matches operational practices. It’s also a good time to be sure any recently introduced policy changes have been communicated and documented.
Check up on projects and premiums.
Review your company’s current benefit premiums and make sure the correct amount is being deducted from each employee’s pay.
Take a moment to review the status of current and future HR projects. Are they on track? Can the goals be met in the designated timeframes? If not, what needs to happen to get them back on track? Seize the opportunity to re-assess and re-prioritize.
Tune up financial literacy.
While you are reviewing your own plans and goals, help your employees with their financial wellness goals as well. Financial Literacy Month is the perfect time for employers to find new ways to help their employees gain control of their financial lives. In some cases, employees with financial issues don’t have healthy financial habits, so they don’t know how to resolve their situation.
Among the financial wellbeing programs that employers are now offering are financial education tools and resources as well as voluntary benefits such as financial counseling and programs that address short-term financial needs including employee purchase programs and low interest installment loans.
So what's on your clean up list today?