Get assistance with establishing your human resources department’s administrative priorities with an HR audit from Young & Associates.
We deliver a variety of HR audits for banks, credit unions and other financial institutions that are customized to your needs and will improve your business.
Why conduct an HR audit?
HR audits provide comprehensive assessments of current practices, report the findings and provide recommendations for improvements. They are a useful method for surveying the HR department and establishing whether current practices effectively meet regulatory and legal requirements, or effectively support your business operations.
A successful HR business operations audit can help a financial institution identify improvements to revenue-generating departments which can have a beneficial effect on the bottom line.
HR audits help your financial institution avoid troublesome and costly legal repercussions in the event that your HR practices are not compliant with current requirements, including the Fair Labor Standards Act and other laws. They can also help you maximize your HR’s support of other business lines as they grow revenues.
Young & Associates can conduct an HR Audit to fit your financial institution’s specific requirements, ranging from cursory regulatory ones to operational support.
Types of HR Audits
Young & Associates HR Audit services include the following types of audits.
Cursory Regulatory Audits
Cursory audits are not formal audits. They prioritize HR’s administrative requirements. The documentation we provide consists of a list of priorities. These audits are useful for new HR managers and departments. They also help HR departments prepare for a formal audit.
Introductory Regulatory Audits
These are formal audits, and our most popular offering. The documentation we provide is a formal audit report suitable for reporting to executive management, boards of directors, and outside advisors. It reports findings as well as recommendations.
Advanced Regulatory Audits
These are higher-level formal audits. As with introductory audits, the documentation consists of a formal audit report. In an advanced audit, findings and recommendations are more specific, and often include recommendations on specific language or procedures. These audits prioritize the findings and recommendations. Cost-saving findings and recommendations are also reported, if applicable. Advanced HR audits are best suited for more mature HR departments or those that have experienced previous audits.
Business Operations Audits
Young & Associates works with clients to fit HR audits to their specific revenue goals and objectives. These HR business operations audits go beyond the HR department’s regulatory responsibilities, reviewing and recommending ways HR can impact revenue and work better to support the business efforts of other departments and their managers. This promotes an HR focus on performance, training, change management, and leadership that improves the performance of revenue-generating departments.
HR Process Review
Young & Associates follows generally accepted audit processes. This process consists of identifying, reviewing, and assessing the following:
- HR practices
- Documentation of the HR policies and procedures that support those practices
- Communication of policies and procedures to employees and managers
- Training of employees and managers regarding policies and procedures
- Support for managers in the management of those policies and procedures
- Ensuring compliance of managers in implementing and adhering to those policies and procedures
HR Audit Support
Young & Associates is your trusted partner in all areas of compliance and review, including human resources. Contact us to see how we can help your financial institution assess HR practices and develop recommendations for improved performance.