You Prosper, I Prosper, We Prosper: How HR Is Key To Profitability
HR is more than a department that handles new joiner orientation and administrative paperwork for employees. In fact, HR's ultimate role in a company is as a strategic partner to increase profitability and put in place a culture of peak performance.
Here are ways HR can be a strategic partner.
Valuable HR Statistics For Planning & Growth
Automating HR processes and digitizing files play a key role in strategic business development. Many aspects of a business process can be measured with the right tools. Automation allows HR to communicate better and align with other departments leading to synergistic benefits from higher efficiencies and resource maximizing.
HR analytic reports also carry valuable information that enables companies to make better future strategies based on historical data. By analyzing past data, organizations can design a workforce that meets its present and future needs.
New Joiner Onboarding Done Right
The onboarding process plays a vital role in the employee journey. Every action during this stage will have a favorable or detrimental impact on the employee's life cycle. HR is responsible for taking measures to ensure that new hires get the preparation and training they need in order to perform to their best. When employees are provided with the adequate training and equipped with the right tools, they are able to perform more effectively and are more productive.
Related article: From Onboard to On Board
A Better Recruitment Strategy & Employee Retention
HR is also in charge of recruitment. Based on a company's culture and values, HR will be able to select candidates that fit the company's work-style. During the hiring process, HR can look into candidates' hard skills but should definitely not miss out on their soft skills, making sure to include them in the score card and preventing bias via an open & transparent recruiting system.
Individuals who show great enthusiasm about their careers and are coachable are the ones you want to hire. When HR picks out the best candidates that match the company's values, they stay longer in the company. This reduces turnover. The cost of replacing employees then drops drastically.
Related article: Trends That Will Take Your Recruiting Process to A Whole New Level
Solve Employee Issues Before They Become Critical
Unhappy employees could sometimes take legal action against an employer, or become cause for legal action. Sometimes, these battles can turn ugly and be very costly for the company in terms of legal fees or impact to the brand. Equipping HR with the tools and time they need to identify potential issues and resolve them quickly is both time and cost saving.
HR can contribute profitability to businesses if given the right tools to increase efficiency, data granularity, and predictive capabilities. Recognizing all the different ways HR can contribute to your company's betterment helps increase employee satisfaction, which in turn boosts productivity and ultimately results in higher profitability.
Need assistance with any or all of your human resource needs? BrioHR provides solutions that fit any company, regardless of size, maturity, or industry.