13 HR Strategies That Drive Profits For Your Company
The most valuable asset of any company is the people who work there. The employees that do the work are the cogs in the machine that keep your company running on a day to day basis. Keep these employees happy and your company can go far. Let these employees get bored and quit and you’ll be looking at a financial nightmare.
Every company needs to invest in human capital and this starts in the Human Resources department. Hiring the right people is the number one strategy to drive profits for your company, but success is more than that. After you hire the right people, you need them to stick around and this requires a HR plan.
Making a plan that focuses on human capital is something that you need to focus on early (or start right now if you’re behind the 8 ball). That plan needs to include putting the right people in the right positions to create a happy workplace – and that requires a bit of strategy.
Here are 13 HR strategies that can increase profits for your company:
- Compensation Packages – Money, perks, and benefits are important to every employee. Offer competitive wages that allows them to live the life they want to live.
- Training & Development – Employees want to improve their skill sets over time. Offer them the opportunities to become better at their jobs.
- Flexibility – Telecommuting, flexible schedules, and work life balance are important to workers. Be flexible and your employees will ultimately work harder for you.
- Mentorship Programs – Create a mentorship program where new employees can embrace the culture and the knowledge of your veteran employees and vice versa.
- Rewards Programs – Give your employees an incentive to do a better job. Reward them for their hard work. Recognize their accomplishments. Let them know they are valuable.
- Open Communications – Honesty is the best policy. Promote open and honest discussions so that everyone is on the same page at work.
- Goal Setting – Create achievable goals so that there is a common goal that everyone wants to achieve.
- Team Building – Individuals are fantastic, but teams will make your company successful. Build a team that works together and wins together.
- Tools To Do The Job – Give your employees the tools they need to do the best job possible.
- Employee Engagement – Offer and accept feedback. Engage your employees so that they feel like they are a part of the decision making process.
- Authenticity – Be authentic and genuine. Don’t pretend to be something that you’re not. Employees will appreciate that you are who you are.
- Hiring Plan – Know your employee’s strengths and weaknesses. Establish what type of person you need to hire so that you are constantly balancing the skills and personalities of your staff to build a stronger team.
- Company Culture – When you do the above things, company culture tends to fall into place. But take the time to create a positive company culture that attracts the right type of people. It makes a difference.
When all of these elements are in place, your employee retention rates will be fantastic. Your employees will be brand promoters who will ultimately drive your products, services, and business to success.
Even though HR may not make money directly for the company, they are most certainly directly responsible for increasing your company’s bottom line. Invest in your people and the money will follow.