Why HR is Critical
Running a business is about quality, revenue, and growth and most companies keep these things at the forefront of every strategy from production to customer service. Offices hum with increasingly efficient work practices and a complex array of business analytics to help them determine exactly where and when to make improvements that will boost quality, increase revenue and expand profitably. Of course, none of this would be possible without the hard work of your talented employees, but where does HR fit into all of this? Is your HR department seeing the same kind of innovation you dedicate to production, marketing, or customers because if not, you could be losing the battle for talented employees and may soon slip behind competition with more advanced hiring and promotion system.The Battle for Talent
Are you concerned about acquiring and maintaining talented employees? If so, you're not alone. The majority of modern CEOs are worried about employee retention because there is a worldwide shortage of available skilled employees, in part because many of them are going freelance or forming outsourcing agencies rather than seeking a position in a company like yours. This means that to hire them, you need to get competitive, targeting the exact talent you need and offering them better opportunities than they have working independently or for other companies they might be considering. To accomplish this, your HR director needs the freedom and resources to ensure that your company hires competitively and they need your support to get there.
The Rise of Millennial Employees
By 2020, nearly half of all active employees will be millennials who have a very different set of expectations from their employers than previous generations. Millennials are what most would call 'tech-natives' meaning that they grew up with technology, use advanced devices and software in their personal lives, and expect the same advanced and mobile-friendly tech from their workplace. They are also incredibly social online and most need that social connection to maintain their job satisfaction and productivity. In order to hire and retain valuable millennial talent, your HR director needs to be able to place them in modern, high-tech, and highly social positions if possible and offer them appealing advancement opportunities that may defy your traditional infrastructure built to accommodate employees born in the 70s and earlier.
Hiring and Advancement Analytics
Tech isn't just important for hiring and retaining your growing population of millennial employees, it's also vital for your HR director to make informed decisions that will benefit the entire company. Who they hire, with what compensation, and how they manage the yearly raises and bonuses will make an enormous impact on company revenue by determining the overall cost and effectiveness of the employee force as a whole. This means that your HR department needs more than just a consultant and an Excel spreadsheet. They need modern business analytics just like every other department to determine which employees are the most efficient, who will benefit from advancement opportunities, and how to optimize the annual raise policies to best reward and motivate the workforce.
In short, while it may be easy to overlook your HR department and expect them to continue working with 'business as usual', the hiring landscape is changing and HR practices need to change with it. Modern technology has produced the comprehensive HCM (Human Capital Management) system which can provide the same kind of advanced analytical boost to your HR efficiency that similar solutions can bring to customer service, marketing, and production. Don't leave your HR department out of the loop. When equipped properly and free to make beneficial policy decisions, HR can drive revenue through great hires, increased productivity, and reduced costs.
Platinum Group is a full service human capital management (HCM) resource that allows businesses to manage their payroll, benefits compliance, track time and attendance and other various human resources functions in a way that maximizes efficiency and eliminates redundancies with the platform, iSolved. For more information about Platinum Group or to schedule a demo of iSolved please visit our website.
Be sure to check out Platinum Group's events page for upcoming webinars in our Human Capital Management and Business Enrichment Webinar Series. This free webinar series will feature local and statewide professional experts offering valuable insight into successful business practices.
Platinum Group is headquartered in Asheville, NC with locations in Charlotte, NC; Greensboro, NC; and Raleigh, NC.