Top 10 HR Assets Every Business Needs
Posted on October 17, 2013
_From the HR Pros of the HR Support Center
To ensure compliance with government regulations and create a firm foundation for the business, every company should have certain HR assets. How many of the following 10 assets does your business have in place?
1. Employee Handbook & Acknowledgement of Receipt
Having an effective handbook in place can help you keep your business out of court, improve overall operations, motivate employee performance and establish clear communication. Every employee should sign an acknowledgement form indicating they have reviewed the company’s handbook and this form should be kept in their personnel file.
2. State-Specific Forms
Depending on where you do business, state guidelines may call for specific forms to be kept on file (or submitted to the government) for each of your employees. Some forms are required by state legislation to be filled out upon hiring or terminating employees, while others are for tax purposes.
3. Employment Application
Utilizing an employment application allows your company to collect consistent data across the board for all applicants, keeping you organized and showing that your business is fair and non-discriminatory.
4. Job Descriptions
Having clear job descriptions for every position within your organization helps convey the needs and expectations of your company. But when used appropriately, job descriptions can also be utilized as a basis for performance management and company liability. For the employee, having a clear job description allows them to understand the responsibilities and duties that are required and expected of them.
5. Offer Letter
An offer letter indicates the start date, salary, position and any other contingencies to continued employment. Having an offer letter for each new hire ensures that everyone is on the same page. Partnering with a job description leaves little room for misunderstanding or liability.
6. Benefits Information
Both state and federal government agencies have many guidelines in place to ensure that employees are aware of and provided their rights to health benefits under the Affordable Care Act (PPACA). With employee benefits being in the spotlight as of late, it is important to understand your responsibilities as an employer and to ensure that you are following the proper protocol surrounding the implementation of processes under Continuation of Benefits (COBRA), Health Insurance Portability and Accountability (HIPPA), PPACA and so on.
7. I-9 Form
Employers must complete an I-9 form to document verification of the identity and employment authorization of each new employee (both citizen and noncitizen) hired to work in the United States. While some states may use E-Verify for this purpose, these verifications are a requirement of federal law.
8. W-4 Form
It is also a requirement of federal law that employers must complete a W-4 form for every employee so that the correct federal income tax is withheld from their pay. Consider recommending that your employees complete a new W-4 each year or when their personal financial situation changes.
9. Performance Appraisal/Review
An employee’s past performance evaluations (especially documented in writing or in an HRIS) easily represent one of the employer’s best defense mechanisms should termination need to take place. It is also a valuable tool to help improve employee communication, morale, motivation, productivity and engagement.
10. Termination Meeting Checklist and Documentation
One of the hardest tasks managers face is terminating one of their employees. HR Support Center gives you guidance, checklists and suggested templates to help you with this unpleasant, but common concern.
All of these assets and many more can be found in Paycor’s HR Support Center, a comprehensive online resource full of HR advice, quick guides, templates and other tools. Learn more about HR Support Center, and start enhancing your people practices today.