Founded on the different functions of the human resource management, it is feasible to be led to the following benefits of human resource management to nearly all businesses:
Employee Productivity. Recruitment ensures that your enterprise is staffed with the suitable individuals with the required skills and expertise so they may contribute positively to the company or organization.
Staff training is considered as one of the most valuable benefits of human resource management function mainly because it ensures that workers are better prepared for their jobs. Furthermore, training could be soft skill training or specific training like communication and leadership plus other fields that make a big difference to the overall worker productivity.
Employee Satisfaction. Money or salary is a critical factor in guaranteeing worker satisfaction. When workers receive their salary or wages on time and are ensured of appropriate benefits as applicable, the worker satisfaction, level goes up. This translates into more fruitful work which actually brings profitability to the business.
• Employee Motivation. Formal performance appraisal formats formulated by human resource management offers opportunities to acknowledge the contribution of high or great performers. Public recognition is regarded as a primary source of employee motivation. It is worth mentioning to consider that a motivated workforce is often times a more productive workforce.
Along these lines, the benefits of human resource management for the business are truly immense. However, at times, specifically if you own a small to medium business, it is not practicable to put together a devoted in-house human resource management team. The most excellent alternative in this case is to outsource this function in order for the business not to miss out the advantages of human resource management.
The Key Steps in Implementing Human Resource Management
As an entrepreneur, it is fundamental to surround yourself with passionate and articulate staff that possess the skills and experience which you need to develop your business.
The staff should be treated fairly, equitably and with respect and in return you will create a team who’s responsive and faithful to your needs. Exceptional Human resource principles and practice will guarantee that staff is delighted and inspired and that retention levels are great.
• Recruitment. This involves how and when should you employ and advertise staff, balancing needs against the expense of employing staff, recruiting temporary staff to satisfy your needs, how far should you be thinking and planning and researching the market to guarantee that the pay which you are providing will guarantee a great standard of applications. It is imperative to note that having recruited the most exceptional individual for the job you need to guarantee a careful induction process as studies demonstrate that well-inducted workers stay with a firm longer.
• Produce a Firm Staff Handbook. It is indeed very easier to be consistent and fair if all things are readily available and clearly stated. This will also inhibit you having to respond the same question several times.
• Formulate and identify employment policies. Disciplinary, absence, grievance and maternity. This is connected to your legal obligations. In a few instances, you may prefer to provide more than the legit minimum. Whatever you decide to do you should be consistent so to prevent unfair treatments or allegations of discriminations, this is best attained through having formal policies in place.
• Review salaries. Nearly all individuals will assume an increase in salary, often times on a yearly basis. If staff feels they are worth more than you’re paying them and they don’t consider an increase is about to happen, they will leave.
• Create a benefits package. There is more to compensation than juts salary. Other rewards include Nursery Vouchers, Pension, Extra Annual Leave, Performance Related Pay, Flexible Working, Health care, Staff Expenses, Staff Discount, Travel Expenses, etc.
What can you afford? How much do you consider it will cost? Performance-related bonuses can function well in fields such as client-oriented and sales businesses like Recruitment, PR and Marketing. Performance Related Pay can be a very sound motivator and may improve basic rates of pay through connecting pay to business profit.
• Decide on a Supervision and Appraisal structure. Appraisals can be a helpful tool for staff management and can be connected to Annual Pay Review and Performance Related Pay. Staff needs constant supervision and feedback. They need to feel appreciated and valued. If they are not performing, you will need to take the required action or handle the situation to obtain the most desired outcomes from the people involved.
• Develop a Training and Development Strategy that coordinates with the needs of your business and purposes. The staff needs to learn, grow and develop. As your business progresses, the staff will be required to develop various or extra skills. Firms which offer training and development have more excellent retention rates for staff.
• Review legit requirements for the size of the business. This involves the number of workers and the turnover. When a firm reaches a particular size there is a requirement to offer Pension; this is not probable to influence you at the start; however, this may require to be considered at a later time.
• You may try composing a Human Resource Strategy. A Human Resource Strategy makes it evident to staff what your intentions and expectations are in terms of your workforce. If mergers or growth are planned, it will aid them to recognize what the future may hold with regards to future opportunities and career progression. This will also make you consider your future Human resource needs and provide you with objectives to function towards staffing.
• Ensure a sound and pleasant communication with the staff. Communication lines should always be open and the staff must feel appreciated and valued at all times.