It’s a well-known fact that HR expenditures take up a large part of a company’s budget. And attrition and rehiring can unknowingly account for a large part of the expenses. Unfortunately, 22% of new hires leave their jobs within 45 days of being hired. The reasons for this are many, such as bad hiring decisions, poor work Culture, and ineffective management skills.This can cost companies millions of dollars. I’m sure many of my readers have been a victim of this statistic. That’s why I’ve written this blog to provide you with some effective tips, given by industry experts, to help you become HR expert. Hopefully, they will guide you away from the perils of attrition and help you benefit from cost savings.
So, here are the tips to become HR expert:
| “Build your organization’s goals around a shared sense of work and responsibility, sense of optimism, healthy scepticism, enthusiasm and confidence in the organization’s mission.” – Meghan M. Biro, Author at Talent Culture |
|
| When it comes to retaining your talent, setting the right goals is critical. Aligning individual employee’s goals with the overall company’s goals engages employees in your company’s mission. When employees understand how they fit into the big picture, they will be more motivated and driven to accomplish those goals. | |
| “Acknowledge the importance of the new team member” – Dr. Lisa J. Wicker, Ph.D , President and CEO – Linwick & Associates |
|
| Building a great employee experience is crucial to keeping your employees engaged and retained in the company. The first impression is the most important impression, as they say. The first day of the employee is an important opportunity to introduce an employee to the culture and work environment. One good way to do this is ensuring that the employee’s work station is clean, stocked and ready to go. Another option is to assign them a buddy to show them the ropes. | |
| “Onboarding and retention go hand-in-hand” – Dr. Deepak Malhotra, Author and HR Leader |
|
| I know I’m just echoing the last point, but I found this quote to be spot on. New employees who attended a well-structured onboarding orientation program, were 69 percent more likely to remain at a company for up to three years. Sadly, most large companies place little or no importance to onboarding employees. In fact, approximately 35 percent of companies spend zero dollars on onboarding. The idea of spending roughly $11,000 to hire someone and zero dollars on introducing them to the company is counterproductive and can result in unexpected costs. | |
| “The domain in which HR tends to be the weakest is in understanding and applying technology to build HR” – David Ulrich, Co-founder of RBL Group, Author & Speaker |
|
| HR tech is the new emerging trend in the HR industry, creating a whole new way of hiring, training & retaining. It also can provide a significant cost savings for your HR budget. Companies with newly upgraded HR systems see cost savings of 22% per employee. So, keeping your HR team up-to-date with the current tools and tech can boost your savings, productivity and profits. | |
| “To win in the marketplace you must first win in the workplace.” -Doug Conant, Former CEO of Cambell Soup Company |
|
| If you’ve read my blogs before, you probably would’ve read this one. If not, you should check out – How to Drive Productivity at the Workplace. Doug Conant was one of the first to describe his experiences of the benefits of keeping employees engaged, happy and motivated. He turned things around for Nabisco using this effective technique. According to Gallup, highly engaged business units are 17% more productive than those that are not engaged. So, it’s safe to say that greater engagement equals greater productivity. |
|
| “Recruiting the best is not about selling or charming. It’s about providing big challenges and career opportunities and a little money thrown in.” – Lou Adler, CEO, Performance-based Hiring Learning Systems |
|
| Well said by the esteemed author of ‘Hire with your Head’. As much as employer branding is important, the learning opportunities your employee gets, especially where millennials are concerned, is what drives him/her to join and stay with the company. Putting time, effort and money into a well-structured learning & development program definitely pays off, especially when 48% of the workforce will consist of millennials by 2020. | |
| “Culture eats strategy for breakfast.” – Steve Boese, Founder & CEO of LEADx, Author |
|
| Happy employees = Profitable business. The Department of Economics at the University of Warwick found that happy workers are 12 percent more productive than the average worker, and unhappy workers are 10 percent less productive. So it literally pays to make sure your employees are happy. All these aspects can be achieved with a strong work culture. Try not to fall into the 64% of companies that don’t have a great a work culture. | |
| “People leave managers, Not companies” – Marcus Buckingham, Expert on Talent, Founder of The Marcus Buckingham Company |
|
| Employees with bad bosses are the least productive in the organisation. An unsettling fact is that some employees even go into depression because of their managers. It’s unsettling when you consider that American companies spend almost 380 million dollars on employee healthcare to combat the effects of alcoholism that employees say is caused by their managers. Perhaps it’s time we all look at leadership competencies and offer learning and development opportunities for them. We also should ask our managers and leaders to look at their own performances and evaluate where they need help. | |
| “I think it’s very important to have a feedback loop, where you’re constantly thinking about what you’ve done and how you could be doing it better.” – Elon Musk, CEO & CTO of TESLA, SPACE X |
|
| Okay, maybe he is not exactly part of the HR fraternity, but the esteemed billionaire didn’t achieve so much success on his own. He built a strong and powerful team to build his innovative ideas into a reality that inspires all the young entrepreneurs of today. So, I think there is much to learn from the pioneer of the eco-friendly automotive industry. Annual reviews have lost their importance in most companies. Like Musk, 80% of Gen Y say they prefer on-the-spot recognition over formal reviews. Want to know more about continuous feedback? Check out our blog – “Facebook is using continuous feedback; shouldn’t you be too? ” | |
| “Employee engagement is the emotional commitment the Employee has to the organization and its goals.” – Kevin Kruse, Founder & CEO of LEADx, Author |
|
| The definition of employee engagement is often confused with that of employee job satisfaction. This misunderstanding often leads to confusion as the HR community struggles with creating effective employee engagement surveys. If you’re in doubt, we’ve put together a list of questions for your own engagement survey to fully understand the reason behind employees being engaged or disengaged. | |
| “Pay checks can’t buy passion.” – Brad Federman, Chief Operating Officer, F&H Solutions Group, Employee Engagement Expert |
|
| This quote stands out because of the decreasing importance that a pay package holds in an employee’s career. In comparison, millennials are more interested in growth opportunities and the work culture of the company. With the number of millennials increasing every day, there is a need to change the way we attract and motivate employees. Unfortunately, managers and HR leads still believe that money is that main driver of productivity and outcome. Data says that almost 90% of the employers think that their employees leave the company for more money but only 12% of those employees actually do leave for that reason. | |
| “I hire people brighter than me and I get out of their way.” – Lee Iacocca, Former President and CEO of Chrysler |
|
| Managing people is necessary but micro-management is detrimental to your employees’ morale and productivity. Employees quickly lose their motivation due to this reason. According to a survey conducted by Forbes, nearly 60% said they had worked for a micromanager at some point in their career. Of that group, 55% said it decreased their productivity and 68% said it dampened their morale. | |
| “You need to have a collaborative hiring process.” – Steve Jobs, Former CEO & Co-Founder of APPLE Inc. |
|
| While finding the right talent is important, it doesn’t have to be so difficult. There are several things one can do to make the process easier. For starters, ask for referrals from your team. Another way is to extend your background research to social media, where it’s easier to peek into a candidate’s true self. Lastly, if you want to minimize the risk of a having a bad hire on your team, then involve your current employees in the process. For instance, you can draw in your senior software developer while screening programmers or your system administrator while screening networking staff, etc. This will make the recruitment process more collaborative and allow the current team to help decide on new members. | |
| “Shaping your culture is more than half done when you hire your team.” – Jessica Herrin, CEO & Founder, Stella & Dot Family Brands, Author |
|
| 73% of employers believe a great corporate culture gives their organization a competitive edge and about 80% of businesses plan to improve their corporate culture. Building a great work culture boosts your employer brand and keeps your employee engaged and focused on work and the vision of the company. | |
| “In this age of the transparent employer, recognition is key to gaining and keeping top talent.” – Meghan M. Biro, CEO at Talent Culture |
|
| In this day and age with an increased number of millennials in the workforce, recognition is a proven technique to hire and retain the best of the lot. 69% of employees say they would work harder if they were more appreciated. Implementing employee recognition programs are an effective way to drive loyalty to your company and reduce attrition. Voluntary Turnover Is 31 percent lower at organizations with highly effective recognition programs. | |
Lets Summarize.
Every quote above was written out of experience and learning for years in various industries. The common goal for every manager in the HR community is to Hire, Train and Retain top talent and reap high profits in the market. These tips cover majority of the issues faced by the HR fraternity today. Try them out and let us know what the outcome was.
Have more tips in mind? Let us know in the comments below.
If you liked the blog, please like & share it and follow us on
Twitter: @gocavantics
LinkedIn: Cavantics Insights
Connect with me: Anirudhan Vasudevan, Helping Companies in keeping their Employees Engaged
The post 15 Tips by Top Influencers to Become HR Expert appeared first on Cavantics.
