Wrapping Up 2024: What HR Leaders Are Focusing on for the Year Ahead

As the calendar year winds down, HR leaders are rolling up their sleeves to tackle a mix of end-of-year to-dos and preparations for 2024. These tasks are as diverse as the organizations they serve, reflecting the evolving priorities in HR, from compensation strategy to planning for headcount growth. To shed light on what’s topping HR leaders’ checklists, I spoke with several people leaders to uncover their key focus areas. Here’s what they shared—and why these tasks matter.

1. Finalizing Year-End Adjustments

“I’m finalizing year-end adjustments and aggregating headcount asks into a tracker for the new year,” says Darin Enferadi, VP of Talent at Kiddom. “This helps build an idea of our net new costs into the new year.”

This process is crucial for setting the stage for strategic decision-making. By aligning HR, Finance, and the CEO in this effort, leaders can filter through headcount requests and determine what makes sense for the business's future growth.

Why it matters: These adjustments provide a clear snapshot of organizational needs and costs, enabling better forecasting and resource allocation for the new year.

2. Refreshing Compensation Bands

With Q1 review cycles on the horizon, many HR teams are revisiting their compensation bands to ensure they reflect market trends and internal equity.

“I’m revamping headcount plans for the next year and refreshing comp bands in advance of Q1 cycles,” shares Dave Carhart, Fractional CPO and Partner at People Catalysts.

Tecton’s VP of People, Saloni Dudziak agrees, adding that her team is also “evaluating current fiscal year goals and OKRs against next year’s, along with additional budget and headcount asks.”

Why it matters: Accurate, competitive compensation bands are key to attracting and retaining top talent while fostering transparency and trust within the workforce.

3. Navigating PEO Transitions

For companies managing complex HR operations, transitioning to or between Professional Employer Organizations (PEOs) is a significant year-end undertaking.

“We're likely switching to a PEO in the new year,” explains Emily Witko, DEI and People Leader at Hugging Face. “It’s been a crunch to get it done before January! Apparently, all PEO programs start on the calendar year, so if we miss it, we'll have to wait until 2026.”

Saloni echoes this sentiment, noting her team is also transitioning PEOs—a project that, while not an annual task, underscores the need for precise planning.

Why it matters: PEOs can streamline HR processes, especially for growing companies, but the transition process demands attention to detail to avoid costly delays or disruptions.

4. Planning for Tools and Tech Updates

As the tech landscape continues to evolve, HR leaders are taking stock of their current tools and evaluating which ones need renewal or replacement.

“We’re pre-planning for any upcoming tool renewals we will want to replace,” says Saloni.

Why it matters: The right technology (*cough* *cough*, CandorIQ!) can empower HR teams to work smarter, not harder. Investing time in evaluating tools ensures organizations have the systems they need to scale efficiently and effectively.

5. Aligning Goals and Metrics

Year-end is a natural time to reflect on the goals set at the beginning of the year and assess whether they were met—or need to be recalibrated for the year ahead.

Saloni highlights the importance of this reflection, sharing that her team is “evaluating current FY goals and OKRs against next year’s.”

Why it matters: Aligning goals and metrics helps HR teams stay focused on priorities that drive business impact and employee satisfaction.

6. Headcount Planning and Strategic Collaboration

At CandorIQ, we’re in the mood for strategic workforce planning year-round, but EOY is prime time for strategic collaboration between HR, Finance, and the C-Suite.

Darin notes the importance of “taking headcount asks and running them through a ‘does this make sense’ filter”—a process echoed by Dave, who emphasizes the role of the annual planning cycle in shaping next year’s headcount and compensation strategies.

Why it matters: Collaborative headcount planning ensures alignment across key business functions and supports sustainable growth.

7. Communicating Year-End Updates

EOY communications are essential for closing out the year on a high note. From announcing raises to outlining 2024 priorities, clear communication fosters transparency and trust.

Why it matters: Employees want to feel informed and valued as they head into a new year. Thoughtful messaging can make all the difference.

The Big Takeaway

The EOY checklist for HR leaders is more than a to-do list; it’s a reflection of the priorities that keep organizations running smoothly and employees engaged. From headcount planning and compensation updates to tech evaluations and PEO transitions, these tasks are shaping the foundations for 2024 and beyond.

So, what’s on your EOY checklist? Whether it’s refreshing comp bands, aligning goals, or setting up your team for success, now’s the time to ensure your HR strategy is ready for the year ahead.

If you’d like to get ahead on some of those goals and make 2025 even more strategic, schedule a call with our team to learn about how CandorIQ can help.