Who said that human resources and business growth are not a good match? In recent years, HR has largely earned a seat at the management table. And for good reason: it is high time to put human resources back at the center of your business strategy. Here is how HR can support your strategic plan and help your company thrive!
Top HR Strategies for Business Growth
1) Hiring the Right People
A successful HR strategy starts with an efficient hiring process. Hiring the right people will prevent delays in filling positions, and reduce the cost of turnover. Moreover, your company will evolve faster, and better, with the right team at the wheel.
Our advice for saving time and money on recruitment – all the while gaining efficiency! – would be to use an Applicant Tracking System (ATS), a software solution that supports your business growth.
For more tips on how to optimize your hiring process, feel free to check out our article!
2) Optimizing Onboarding and Training Programs
Turn Onboardings Into Company-wide Events
Onboardings are key moments to assess your new hires and ensure their long-term success within your company. It is always a good idea to involve the entire team (or company) in welcoming a new employee. A good onboarding strategy involves:
Promote Ongoing Training
Ongoing training strategies are the best way to ensure employees remain competent and productive during their entire lifecycle. The icing on the cake: they also improve employee engagement! Therefore, HR needs to prioritize ongoing employee development in their strategies for business growth. Good business performance starts with skillful employees!
3) Building a Strong Company Culture
A strong company culture means a good employer brand! These aspects not only facilitate talent searching and hiring, but also increase employee retention in the long run.
Highlight Perks and Benefits
Who else but HR can improve perks and benefits for employees? They will be a crucial competitive advantage in building your corporate culture. Human resources will be at the heart of your organization’s health and insurance plans and of the different perks offered to employees.
4) Rethinking Employee Performance Management
Modernize Performance Reviews
Every company needs HR to keep an eye on employee performance and manage it accordingly. How can we turn performance management into a strategic asset? First, by rethinking employee management practices and modernizing performance management processes. Performance reviews need to be frequent and effective, and constructive feedback is key.
Want to learn everything there is to know about performance reviews? Check out our complete (and free) guide!
Use HR KPIs and Data-driven Insights
Human Resources Key Performance Indicators (HR KPIs) are a considerable strategic asset for your company. Not only do they track employee performance over a chosen period of time, they also put concrete numbers on every single aspect of your strategic HR plan, namely:
- Absenteeism rates
- Employee turnover rates
- Employee retention rates
- Accident rates
- And much more!
Making strategic decisions based on reliable data is essential to your organizational success. Did you know that Folks HR offers numerous KPIs visible at all times on your HR dashboard? The cherry on top: Folks HR human resources software is affordable AND powerful!
5) Valuing Employee Feedback
Take the Pulse of your Entire Organization
Why not involve your employees in your strategic planning process? After all, they are the first ones affected by changes made by the human resources department. They are also an undeniable source of great ideas for improving human resources management, and consequently employee satisfaction and company morale.
Organizational surveys are a great way to take the pulse of your entire company. The results will be used to optimize your organizational strategy. Moreover, employees (understandably) love being heard and taking part in changes.
6) Improving Employee Retention
We know you were thinking about it (weren’t we all!). With 53% of Canadian companies experiencing all-time high employee turnover, retention seems to be a crucial business challenge, and one that is gaining momentum in HR management. Indeed, employee retention is at the core of every HR strategy. Effective hiring, training and onboarding processes are all meant to support long-term retention.
Considering that an entry-level employee turnover cost is between 30% and 50% of their annual salary, it is easy to see the negative impact that a lack of retention can have on your business growth. Once again, human resources come to the rescue: if you build an efficient HR strategy by following our previous tips, you are sure to increase employee happiness and retention!
HR strategies that focus on these main notions are sure to support business growth and improve employee experience.
Your current workforce is your best asset for organizational success: have you thought about simplifying their daily lives with a comprehensive HR solution? Discover Folks and its numerous HR tools for business to build a solid HR strategy!
Our solutions support your business strategy!
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