Incorporating a new HR transformation strategy can quickly boost profits.

It’s vital to choose the right human resources transformation to meet the needs of your employees. They’re the center of your business and the people who help your business grow financially.

Why should you implement HR Transformation Strategies?

Increase Retention Rates
High turnover rates can drastically hurt your bottom line. Hiring unqualified individuals or having qualified personnel that are dissatisfied with their position lead to a higher turnover. Every time you lose an employee, you have an open position that’s causing your business to lose money on a daily basis. Plus, HR is constantly focused on searching for and interviewing possible candidates.

Instead of just letting people walk away, implement a retention strategy. Interview some of the most qualified and highest revenue earners for your business. Ask whether they’re happy with their jobs and what changes are necessary to help keep them with your company. Create a clear plan to minimize the negative factors and increase their overall satisfaction. In most cases, the employees aren’t dissatisfied with pay, but factors such as hours, equipment or communication.

Develop Solid Leadership
Often time, employees in leadership roles never receive any additional training. As your company grows, leaders may need to take on different roles and use a variety of techniques to increase productivity of the staff they manage. It is up to HR to create and hold training sessions regularly to help guide these leaders. With better leadership, profits increase and overall employee satisfaction rises as well.

Dedicate at least part of your HR staff to training employees to be better leaders. This can also include developing a program to test interested employees and new candidates for leadership positions to ensure only the right people get the job.

Fast Track Onboarding
New employees are often gradually introduced or simply thrown into the mix without knowing the true value and importance they bring to the company. One extremely profitable HR transformation strategy is to fast track the onboarding process. The faster new hires become productive and efficient in their new positions, the quicker they help increase profits for the business.

On the very first day, make new employees aware of the role and how it affects company revenue. Explain how their performance will be measured and even rewarded. Provide proper training immediately and give them clear details on where to get help when they have questions.

Reduce Idleness
Employees may not always be happy in the same position forever. Implement a plan to promote or switch jobs from within. HR staff should regularly evaluate employees to ensure they’re skills are being properly used to best increase company revenue. This means employees should be promoted or moved to different departments to get the most from your current staff.

Conclusion
Any HR transformation strategy you implement should have a focus on employee satisfaction and increased profits. A mixed strategy often works best as it addresses multiple areas at once to increase profits company wide.

GET IN TOUCH with us to know how an HR Transformation Strategy can help you achieve your Business and HR Objectives.