Industry Insights with Experts

What's Missing in Your Human Resource Strategy? 

Anurag Paul

10th Apr'24
What's Missing in Your Human Resource Strategy?  | OpenGrowth

More than two-thirds of respondents find it difficult to measure HR's effectiveness. A PwC survey revealed that over 80% of US CEOs consider talent data crucial for business decisions

But, they lack deep insights. This shows the importance of good HR strategies. Let’s find out what’s missing in your HR strategy and why it is failing.

This blog will help you to identify the missing points in your HR strategy. It will also help you avoid common HR mistakes and prepare an effective HR strategy for your company. Before proceeding further, let’s try to understand an HR strategy and why it is important.

 

What Is Human Resource Strategy?

An HR strategy is a detailed plan to improve management. It covers a wide range of HR activities. These include hiring and onboarding new staff. It also includes managing employees' benefits and solving workplace disputes. 

An effective HR strategy design requires a critical assessment of the HR process. The assessment must align with the organization's objectives. It must also align with its core values and long-term vision. You must efficiently map a pathway for your human resource planning requirements. 

 

What Makes HR Strategy So Important to Consider?

HR strategy has never been more critical in today’s market scenario due to the rapidly evolving workforce culture. Employees are now defining their job needs. The company must adapt to such trends for any business to remain relevant. Employees are what any company is made up of.

Mistakes in HR can be very costly. This is clear from bad hiring decisions and lack of support, which increase turnover costs. These examples include poor hiring decisions and company support, leading to high turnover costs. 

The average cost of a bad HR hire is at least 30% of the employee's first-year earnings. So, it becomes very important for the CEO to display the right leadership traits to stand out in today’s market

The key would be hiring and keeping the right talent tailored to the company's needs. This talent would then fuel the investment in growing the business. This whole process starts with a well-thought-out HR strategy.

Before we discuss the best HR and personnel management tactics, we must first understand the common HR mistakes. Once you identify the right mistake, placing controls becomes easier. This makes your talent strategy efficient and effective.

 

Common HR Mistakes in an Organization

Here are a few steps to improve Human Resource activity and avoid committing mistakes:

  • Compensation Management: Paying employees well helps retain and make them happy. This can be done by reviewing the right salaries per market conditions and being transparent about compensation.
  • HR Software Issues: The major mistake companies commit is integrating the right HR software. Here are some points to consider for improving HR software efficiencies:
    • Upgrade the HR software. 
    • Invest in modern HR software improves efficiency.
    • Improve the employee experience.
  • Low Productivity Rates: This means tracking the tasks and reducing workload. Taking regular time off or increasing social interactions will increase productivity. But, this can only be done after you understand and fix the roots of low productivity.
  • Employee Development and Compliance: Employee development should be an ongoing process. You must adhere to the labor laws and follow all the compliances thoroughly. Regular training and accurate documentation help in upskilling employees. It will help them meet legal requirements and improve their growth opportunities. Therefore, an HR needs to know the employee communication strategies that have been transformed by authors and speakers.

 

The Best HR Strategy For Your Organization

Here are some of the best HR planning strategies for your organization:

 

Smart Hiring Methods

"I'll know the right candidate when I see them" approaches simply do not cut it in the modern workplace. A good job profile ensures that you attract the right candidates and saves the time of discarding irrelevant resumes. 

Every second counts. You wouldn't want a great candidate to leave for another company. That could happen because their background verification checks are executed faster. 

HR Strategy

Each step in this current job market should be taken seriously. This includes from ad creation to screenings. That’s where mentoring comes into the picture and this is what the future of mentorship looks like.

 

Immediate Feedback and Recognition

The old corporate approach makes many workers feel disconnected. Many employees prefer instant feedback. They don't like waiting for periodic reviews. This needs to be changed now.

Of course, providing immediate hands-on feedback after the interview requires more time and effort. However, open lines of communication are now crucial to consider. Consistent feedback and appreciation also engage and motivate employees. High turnover drains a company's energy and resources. They should be better spent developing the team and meeting annual goals.

Regular check-ins would let you see how new staff adjust to their roles. This would make a big difference in retaining and upskilling your employees.

 

Encouraging Employee Growth

Continuing conversations with the team creates a happy culture. In it, everyone is either moving forward or taking responsibility for the opportunity provided. Provide your team members with training and mentoring. Also, organize fun team-building activities to motivate them. These will allow them to develop, stay interested, grow, and connect.

Company events aim to increase team bonding. It also encourages interaction between departments that don't normally communicate with each other. These events are vital for brainstorming and sharing ideas. They move from competition to cooperation and collective creativity as well as growth.

Mentorship is also important for employee development. It brings fulfillment. People of different ethnicities and women must be mentored for individual and company growth. It can also keep employees from leaving and improve employee retention rates. This can be achieved through strong relationships within the organization.

But, the main point is your company's growth. It goes hand in hand with your employees' personal development. If there's nowhere for your business to go, then the employees will likely feel the same way.

 

Offering Competitive Pay and Flexible Benefits

It is vital to know the standard compensation for different job roles. You must also know the roles and expectations every industry currently seeks. 

HR Strategy

While every HR team works within the boundaries of its budget, it wants to know how competitive it is. Not being aware of market dynamics can hurt the company. This is especially true when they oppose the advised growth and development issues.

You will not be able to offer the same salary as your competitors. However, knowing their responsibilities and packages becomes a crucial factor. It lets the employees compare your company's packages to other companies. This, in turn, shows your company's strengths.

You can ask for loyalty to your employees by providing many benefits. After all, money alone cannot fix every problem. Offer insurance options that will meet the diverse needs of employees and their families. The needs range from life to medical necessities. This will show your team that you support and value them as individuals. 

 

Find the Right Expert to Create a Successful HR Strategy

It is pragmatic to assume the HR strategy for the company can't succeed without understanding its values, goals, and future hopes. This means talking with employees on a personal level. By doing so, you can get to know the gaps and bridge them successfully when achieving milestones.

Therefore, a good HR strategy aims to reduce the gaps between employees and companies, It encourages succession from the inside in all ways. This inspires the employees to contribute more. 

Most importantly, the effectiveness of any HR strategy in the organization depends on how it is implemented. The approaches must include continuous follow-ups, adaptations, and sharing feedback. 

Your company is expanding rapidly, but HR processes are lagging, impacting talent retention and productivity. So, are you ready to upscale your HR strategy? Amid this, you need a seasoned expert to optimize HR strategies. Meet Shubhamay Chatterjee, a Chief Human Resource Officer, specializing in HR optimization and talent development. With his expertise and fractional services, he's your solution for driving sustainable growth and success. Contact him today!

Anurag has been writing content for over eight years, and he is dedicated to it and cannot see himself in any other industry. As a passionate writer, he is interested in business and entrepreneurship. An accomplished technologist and financial expert, he strives to empower others through entrepreneurship, leaving his comfort zone to explore entrepreneurship. Having worked in the Financial sector for more than five years as a full-timer, he also has a keen interest in Corporate Finance ...

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