Best HR practices play an important role in your business expansion plan. Making use of a good HR strategy will help in delivering quality business execution. A good HR practice is as relevant as the sales and marketing strategies of your company. Your employees are ultimately your biggest asset, and when you treat them well, they will reciprocate in a way that will take your business to the next level.
Partnering with an EOR (Employer of Record) or PEO (Professional Employer Organization) in India will be beneficial for you when hiring remote teams or an employee. For the EOR will co-partner with the responsibility of implementing the best HR practices for your business growth.
EOR (Employer of Record) services in India, an ally for best HR practices
Joining hands with an Employer of Record in India will take the administrative load off your shoulders. They will become your on-paper employer for your resources. The EOR will look after HR-related employee activities, local compliance, and payroll. A good EOR will work on creating a mutual understanding and most importantly employ the best HR practices for your business growth.
Best HR Practices for business growth
Adopting the best HR practices is important for your business. It will improve your work culture, and employee satisfaction, and promote business growth. Here’s looking at why adopting healthy, employee-centric HR practices is good for your business growth.
- An open-door policy
Creating an approachable environment is important for your employees. An open-door policy will encourage transparency in your business. It will give your employees easy access to senior management. It will give them a platform to talk about their ideas and work-related issues. You can then offer them solutions accordingly by addressing their issues rightfully.
Also, implementing an open-door policy will not make your employees feel undervalued and search for better job prospects elsewhere.
- Emphasis on creating a happy workplace culture
When you provide your employees with a comfortable work environment, it will boost their mood and morale. Building a strong organizational culture will motivate them to come to work, instead of being forced to. You can make their life more convenient by providing them with free healthy meals, office transportation, and paid parental and child care leaves. This will lead to better employee preservation.
- Rewarding their performance with bonuses and other perks
When you reward employees for their efforts with bonuses and other perks, it will make them feel appreciated. This will encourage them to stay in your company and ultimately enhance employee retention.
The process of finding a replacement is as tedious in terms of cost, as putting in time and effort to find the right talent. A study conducted by the Society for Human Resource Management suggested that a salaried employee’s (senior executive) replacement is equal to six months’ wages. This will impact your employee turnover financially, cause project delays and loss of productivity.
HR advisors are mostly opted by small to medium-sized businesses that cannot afford an in-house HR department.
However, they are more than a replacement for a human resource team.
Whether a start-up, a growing business, or a well-established name, HR advisory services can bring some novelty to manpower management.
Here are a few reasons why you should associate with an HR advisory company: For start-ups and Small Businesses An HR advisor will offer you the knowledge and expertise in people management skills.
An HR advisor will help you create such a place.
A company offering HR advisory services will take care of all your legal requirements and find ways to evade such situations.
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Bottom Line: CHROs and the HR teams they lead need to commit to keep learning and adopting digital technologies that help improve how they hire, engage and retain talent if they're going to stay competitive.Driven by the urgency to keep connected with employees, customers and suppliers, McKinsey's recent Covid-19 survey finds global organizations are now seven years ahead of schedule on digital transformation initiatives.
By providing Business Continuity Planning (BCP), HR's contributions to digital transformation separate the organizations that thrive despite crises versus those left behind, according to McLean & Company's 2021 HR Trends Report.
These areas include analyzing the employee skills gap (24%), developing employees on new competencies (24%) and training new employees in specific new skills (21%).
Improving talent acquisition, retention, diversity and inclusion and employee experiences by digitally transforming them with greater personalization at scale and visibility is key.
The largest gaps are often in the following four areas: recruiting and talent acquisition; retention of top talent and diverse talent; lack of visibility into employee capabilities; and workforce strategies not aligned to business strategies.
McKinsey’s recent Covid survey found that 75% of organizations digitally transforming their operations, including HR, were able to fill tech talent gaps during the crisis:Top talent retention is more of a problem than many organizations realize, with top performers receiving between five and ten recruiter calls a month or more.
