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Ly-Ann is a New HR Assistant
Ly-Ann has just entered the workforce by assuming the role of an HR Assistant. Being new in the company’s HR ecosystem, she held ideals (as most fresh graduates do) that she believes must be upheld without compromise. To Ly-Ann, HR matters should not be a complicated affair. She believes that working in the Human Resources department should be simple and anchored to a singular goal: to give fair and just treatment to all employees regardless of position and caliber.
Ly-Ann is a part of a generation of Human Resource personnel that has been making impressive strides across industries. Businesses have been realizing that employee satisfaction is just as crucial as customer satisfaction, hence their current focus on Employee Retention.
A report lodged by Oracle Netsuite stipulates that 47% of HR teams believe that Employee Retention takes a huge part of the notable challenges they consistently face.
Meanwhile, according to a survey conducted by Pew Research from February 7 to 13 2021, 57% of employees leave their jobs because they feel disrespected at work. While low salary takes the top spot with 63%, the statistic on the former simply cannot be ignored. This telegraphs deep regard for fair treatment in the workplace as something decisive in their stay with a company.
As these figures stand, Ly-Ann’s heart is definitely in the right place. HR professionals like her know that there are various ways Human Resource departments can devise ways to put employee interests first while propping up their companies toward greater revenue and recognition.
If you are a business owner or an HR professional looking to adopt sound business practices to strengthen Employee Retention, this article could help you out. Here are 5 of the best HR practices that your company could implement.
The 5 HR Practices Your Company Can Adapt
1. Strengthen Employees’ Sense of Job Security
A survey conducted by OnRec.com on 1,100 U.K. professionals found that 27.7% of them value job security.
More often than not, professionals would contemplate and worry about their chances of retaining the job they currently hold. Unavoidable factors like a downturn in the economy and company layoffs may exacerbate employees’ anxiety about whether or not they would continue being employed.
As this is the case, if a Human Resource department aims at increasing its company’s Employee Retention rates, it needs to up its game. It can do so by developing consistent advancement opportunities, implementing regular employee recognition, and offering disability protection such as special compensation packages or insurance. These will communicate to employees that they are valued in the company, dispelling any apprehensions they may be harboring.
2. Perform Selective Recruitment
Selective Hiring or Selective Recruitment simply pertains to targeted recruitment of a company through strategies seen as more proactive in securing the right candidates for certain posts. This entails more preparation from the Human Resources department. Identification of the position’s major tasks takes precedence as this will help in determining what kind of skills and candidates the department needs to target.
Being able to perform HR outsourcing and hire the right professionals for specific posts will augment Employee Retention rates. How? By putting employees in positions that they studied and trained for, they will not be placed in any posts that do not jive with their competencies. This compatibility in their professional preference creates precedence for work satisfaction.
A study conducted by Personnel Psychology published by the Wiley Online Library shows a considerable difference between the performances of employees who work jobs that fit their credentials and those who were hired who do not possess the apt profile. The study showed a staggering difference of 400% across industries and job types.
Apart from increasing the company’s competitive advantage, the findings strongly suggest that the professionals can generate better productivity levels in light of being in fields they are competent in.
Apart from this, employees who are in the field they are fit for are more likely to show professional commitment.
3. Implement a Fair and Competent Performance-Based Compensation System
Hiring the right people for a certain profession entails higher compensation packages. This is crucial as these individuals will provide the companies they work for with a competitive edge.
The compensation package that needs to be looked into includes Base Pay and several employee benefits. HR Specialists should examine the rates that other companies in their industry are currently offering to determine the average pay their company should be providing.
Human Resource departments should also extend rewards that equal the employees’ contribution to their companies. Called Performance-Related Rewards, these types of employee benefits tie performance outcomes with rewards an employee is due. Performance should then be determined through clear and structured KPIs.
These rewards may also come in the form of Profit Sharing, Shared Ownership, and Stock Options. These provide employees with a sense of ownership which further strengthens their commitment to the company and its vision for the business.
4. Train Employees in the Skills Relevant to Their Positions
The Human Resource Department should also look into various training programs that they can provide the company’s existing employees.
Getting the right people in your team is simply not enough. HR should work towards keeping them equipped in the face of the rapidly-changing business landscape.
This means that companies need to invest in skills-specific training programs. Human Resources should be keen on addressing a possible skill gap within a department that can be filled by training.
Additionally, internal feedback and departmental coaching should also be encouraged and institutionalized in workplaces. In light of this, Social Learning has become an integral method to keep employees educated about changing trends and new work methodologies.
5. Adapt an Egalitarian Mindset
While the Japanese government is far from being egalitarian, Japanese managements are. Taking cues from such principles enables equal treatment for all employees; every worker is seen as a valuable member of the company.
Human Resources should advocate for common basic benefits for all employees like uniformed sickness and holiday benefits, rewards, and employee processes. Adopting an egalitarian culture in the workplace will promote mutual respect among employees regardless of their position in the company.
Put Your Employees’ Interest First
Stating the obvious, employees are the backbone of a company. What this means is that if the company looks after their welfare, with their passions and competencies honed and respected, the employees would stay and commit all their efforts to drive growth for the company.
As this is the case, HR should proactively pursue programs and measures to enrich employees with additional skills, rewards, and professional growth. Showing regard for each employee’s competencies will not only improve your business workflow but will ultimately improve your Employee Retention rates.
Article submitted by Chatty Garrate
Chatty is a freelance writer from Manila. She finds joy in inspiring and educating others through writing. That's why aside from her job as a language evaluator for local and international students, she spends her leisure time writing about various topics such as lifestyle, technology, and business.
The post 5 Best HR Practices Your Business Can Execute appeared first on Reconciled.
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