The best HR practices improve business performance and staff retention, regardless of business or industry. However, what are the best HR practices to ensure business success?
A lot has changed in the last two years. Everybody has had to work from home, and more than ever, staff have needed support and flexibility from their employers. As we transition back into a new “normal,” the lingering impact of a global pandemic will continue to change the way we work. Learning to adapt to this change and ensure top-quality HR practices will keep your company strong and valued by employees.
Here are three best HR practices to follow:
Make Your Employees Feel Secure
Happy employees are essential parts of business success and an essential investment. You will not have loyal, hardworking staff if they feel overworked and undervalued. Job security is an integral part of maintaining employee happiness. When employment is threatened — such as during layoffs — the insecurity will ripple through the organization.
Making your employees feel secure will benefit you, because it will ensure you retain your staff. Making an effort to value your employees — who have helped develop your company — will reduce their likeliness to work for your competition.
Make Compliance a Priority
One of the essential elements of your best HR practices should be compliance. All your efforts will be in vain if your organization lacks compliance with labor legislation. Why is this so important? It is because non-compliance affects everything from job security, your company’s reputation, transparency, and even income facing significant fines.
No company can plead ignorance of the law, so what can you do to make sure you are complying? Hire a labor law expert — either as an employer or as a service provider. Consult with him/her on all of your contracts and policies.
Another way to guarantee compliance is to ensure your management and staff are informed of their rights and legal parameters. For example, the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) requires businesses to help fill the health insurance gap for employees between jobs or experiencing disruptive life events.
COBRA compliance is a crucial part of your HR strategy. However, it is often accidentally overlooked. Hence, it is essential to know which COBRA requirements apply to you, because the costs of COBRA coverage non-compliance can be high.
Be Selective: Hire the Right People
Taking your time to be selective in your recruitment process allows your employees to add value to your organization. Selective hiring is a process that can make all the difference to your company. It is about choosing people with the correct values and characteristics for the job and organization.
Selective hiring has many benefits, such as increasing productivity, yielding profit, and enhancing the overall performance of an organization. Research indicates that the difference in performance between an average performer and a high performer can be as high as 400%! This also has the positive result of increasing commitment and loyalty to your business.
When implemented, these best HR practices form the basis of effective and quality HR management.
