It is now 2024 and most would agree that time moves swiftly, causing many business owners to feel overwhelmed with the thought of keeping up with trends in the marketplace. These trends encompass many distinct aspects of running a business, whether it is ensuring that the products or services offered stay relevant and competitive or, in the case of employee retention, understanding what keeps staff loyal to and engaged with the company. As an outsourced HR partner, I work with business owners who recognize that their HR practices warrant improvement.
The first challenge is convincing business owners that they need, and will benefit from, implementing the HR practices I recommend. It is more than the comprehensive list of responsibilities to satisfy legal compliance, such as hanging the requisite posters. Many other processes are essential to hiring and retaining quality employees. It is in this nuanced aspect of employee retention that I offer greater value and insights to clients who are unsure of where to start.
When I meet with a client, our first meeting is about learning what it is that they do and do not have in place already. Do they have an up-to-date employee handbook? Do they have a performance management process? Are their hiring & onboarding and rewards & recognition programs designed to attract and retain top talent? From there, the HR needs of the company typically grow organically into training and development, goal setting and accountability, and other value-added HR initiatives. Each solution is customized for the needs of that particular business. Creating systems and touchpoints by developing and implementing these processes minimizes risk and creates a thriving workplace. I liken the importance of sound HR practices to the value of accounting and marketing. All three are critical to the smooth and successful operation of running a thriving business.
Following this protocol does more than legitimize a company and keep it legally compliant with state and federal regulations. It elevates the investment by your team and transforms your business through your people, which is at the core of a productive company and a healthy work environment. Creating and sustaining a company culture that employees feel invested in goes a long way to keeping them loyal to the company. Having a culture that attracts top talent can lead to 33% higher revenue. Part of this comes from hiring and developing talented managers, which leads to 27% higher revenue per employee. (Reprinted without permission from the article Culture Wins By Getting the Most Out of People by Nate Dvorak and Ryan Pendell of Gallup Workplace, dated July 31, 2018).
All of the foregoing can seem daunting to company executives, especially because their goal is to serve a need in the market. Having an outsourced HR partner who can support the business goals and ensure the business flourishes can make all the difference. I encourage business owners to ask themselves these five key questions. If any of the answers to these questions are ‘no’ or ‘unsure,’ then an HR consultation is recommended.
For more information, please reach out to me at 774-250-5005 or send an email to carolyn@rossinsightsolutions.com.
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