A solid business model will always include good human resource management. Without proper human resource management, your productivity and strategic goals will suffer. Here are key goals for solid human resource management:
Planning
Effective planning keeps resources and overhead waste to a minimum. The recruitment, rehiring and retraining process cost your company money. Create a clear plan and job description when you are hiring your staff. Strategic planning ensures you have the right person for the job the first time. This can also ensure you hire capable employees that can perform the tasks expected of them.
Training and development
Training and development is a key component of hiring and retaining good employees that will have longevity within your organization. Training increases the amount of highly skilled employees that you have. If you don’t put that investment in and your competitors do, you may find they are winning the market in your specialty area. Training shows appreciation for the hard work they do and, demonstrates how valuable they are to your company. Businesses often find that if they don’t invest in their employees, they may be easily won over by competitors trying to lure them away. Making sure they are well-equipped and continue learning will enhance the level of productivity and boost morale.
Feedback
Employees need to know how they are doing in their position. Good human resources managers take the time to provide ongoing feedback. Strong team engagement is built on honest feedback. Significantly, it seems that the more action you take to follow-up and truly understand feedback, the larger the performance improvement.
Remuneration of employees
Making sure employees are paid according to the industry standard or better will ensure you have happy, productive and loyal employees. Pay is one of the most crucial components of an organization. Human resources personnel should closely monitor what employees are paid, making sure they are properly compensated.
Company Policies
Every organization has specific expectations for their employees. It is very important that all employees know and understand these policies through new hire training, an employee handbook, and updates reflecting any changes in policy. Employees need to know the consequences of bad behavior or poor performance before it happens. Your policy should spell out your company’s progressive discipline procedure. Many companies follow a format of verbal warning(s), written warning, final warning and termination.
Incentives
Good companies offer incentives for their employees. Incentive promotes job satisfaction. Focus on making some of the top preferred perks available to your workers, in addition to base pay and insurance. Even if it’s something small. Companies can encourage work and home life balances by offering flex hours or telecommuting. This can benefit your staff and their families as well. These perks are extremely valuable in that the employee earns a reward that makes his or her life easier, and it doesn’t cost you a thing.
Establishing and maintaining a solid business model ensures your organization is poised to succeed, but all successful businesses depend on their employees. Human resource planning ensures your staff is prepared to help you to reach your goals.