3 Ways HR Supports Business Growth

Jul 05 2022

Think HR is only about filling out paperwork and setting up payroll? We’re here to tell you that Human Resources has the power to help drive your business’s growth.

HR professionals can support your success by creating and implementing policies, strategies, and systems that allow you to efficiently manage the most important resource at your company: your people.

When your people aren’t happy, it can be a struggle to grow, or even survive. A lack of HR expertise can lead to high turnover rates, recruitment strategies that don’t convert, and company leadership spending more time on people management rather than meeting business objectives.

Some of the key ways that HR professionals – whether they’re an internal team or outside consultant – can enable your business to thrive are:

  1. Growing your team with the right talent

The right hire will increase earnings for your company; the wrong one will lose money. According to the U.S. Department of Labor, a bad hire can cost an employer up to 30% of the employee’s wages for the first year. Not to mention, many high-growth companies struggle to find the time to hire new people at all – and this inability to grow your team will eventually stall your business growth as well.

Human Resources can resolve hiring woes by leading a comprehensive recruiting strategy, one that will help you attract and hire the talent your company needs. They can handle everything from promoting open job positions, interviewing candidates, testing their skills, and putting together a hiring package that will land the ideal candidate.

  1. Retaining & developing your top performers

Finding the right talent may be the first step, but retaining your best employees is an ongoing process. Losing a salaried employee costs 6 to 9 months’ salary on average, which is why a retention strategy is critical to your long-term success.

HR professionals not only can ensure you provide your people with a competitive salary and benefits package that will keep them satisfied, but also create training & development opportunities that will allow your best workers to rise to the top.

Development is particularly valued by Millennials. 87% consider it an important part of the job, and they’re not afraid to change companies if they feel growth opportunities are lacking. A smart Human Resources strategy will reduce employee loss and create an internal growth pipeline.

HR can also help implement strategies to empower your people to improve their performance and grow by setting clear and measurable goals, and tracking progress.

 

  1. Implementing technology to increase efficiency

Many HR tasks are incredibly time-intensive, from recruiting and tracking applicants to onboarding, training, and performance management.

The good news is that there are amazing cost-effective resources and technology tools that make managing your people a lot easier and more efficient. You can work with HR to select, test, and implement systems that streamline processes that previously took a lot of manual labor and time. And once your new system is implemented, HR can manage the systems and vendors.

Don’t let broken processes, outdated tools, and frustrated people become the new norm at your business. Build a people strategy that aligns with your business goals and will lead to further growth and stability.

Ask us your Human Resources and talent management questions via the online chat tool in the lower left corner of your screen. We love helping companies align their people with their business needs, and we love to share what we know.

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