Tag: HR tips

With the rise and spread of the novel Corona Virus, the globe faced an economic decline. The aftershock of the pandemic is still in action as many organizations and businesses are cutting down costs to stay afloat. Therefore downsizing and scrapping projects is an executive decision business leaders often tend to make, this does come at the price of discarding potentially valuable ideas to cut costs. 

Though straight up removing an idea or ongoing project may reduce costs initially, it often scraps investment of both time and money with it. Instead of eradicating a running program, a wiser option would be to optimize your budget according to your expenditure and cost. The goal is to ultimately find balance in the books and maintain the business growth, by taking the cost optimization route this is easily achieved without altering any long-term business plans.

Working around your finances and optimizing your costs can be achieved in a variety of ways, here you can follow 5 effective strategies to get you on your way. 

 

Aligning Short Term Business with Long Term Value:

Alongside the global shift, business models have also kept up with the times, and working remotely is the new norm. Therefore organizations that successfully adapted to this transition have handled the market pressure with ease, this short-term shift is the result of a few things. Functioning as a digital yet functional team, which means hiring mixed personals in each department to accommodate wage bill leniency. Full-time and Part-time employees will not only maximize the output required but sufficiently reduce salary costs, the same can be said about one-off contracts with freelancers which can be tied into planned or running projects. This creates an adaptive workforce and maximizes the division of work upheld by an employee.

Re-work remuneration and benefits:

Hard-workers and deserving employees should always be presented with bonuses and benefits which is a reflection of their commitment, that said, creating a complex compensation or incentive plan may help the cost-cutting cause. A model built around employee tracking and work metrics would be the ideal yet flexible cost optimization technique. The correct performance and data analysis of employees, in line with a refined compensation plan, will help evaluate the deserving candidates efficiently, which works entirely off of the return on investment concept.

Redefine Processes for efficient and effective service delivery:

For an efficient and effective system to be laid out, most if not all kinks need to be ironed out to ensure consistent performance. In terms of direct business, whatever metric gets measured is the one that gets managed. Therefore successful businesses will opt to test their HR departments’ procedures to eradicate performance loss and overall financial waste. Responsibilities to ensure SOP’s and system rules are divided along the hierarchy from the

Stakeholders and Managers to the bottom level employees. Similarly, input from the users and customers brings a new field of view to be worked on.

Re-examine Cost Optimization within HR Service Delivery Systems: 

Organizations existing on an expired or old model may be experiencing success, however new room for growth amongst shared HR service models is minimal which reduces areas to optimize cost savings. Having a standard and consistent system not only simplifies the tangle of commands but rather opens up an opportunity for cost-effective techniques as well. A key example would be the recruiting process, where each organization tweaks the set standard to accommodate hiring employees by their needs, however, this constant updating and tweaking lengthens the process revealing a completely different sub-process as a result. A solution would be to unite similar processes which can be utilized to create an efficient and set model for Service Delivery.

Review HR Technology:

As teams and organizations expand so do their HR systems. The sheer burden and size of ever-growing HR needs are met by HR technology which simplifies the processes to improve efficiency and performance. However such systems come at high or unconventional pricing schemes which may not cater to all business models. Monitoring the effectiveness of the system in place is vital for HR leaders to understand and pick out. Underutilized systems or add-ons should be removed to boost the cost optimization and invest the sum in other departments which are ensured to thrive.

Boosting employee engagement and running advanced HR systems with the help of advanced digital tools and a cost-optimized payment plan such as the complete HR management of PeopleSonic is the modern way to go! Such software allows you to work with your employees and focus more on their engagement and productivity whereas the automated functionality does the rest for you. Keeping employees engaged with an online learning curve will not only help the development of related skills but ease their workload, which are all signs of a healthy workspace and engaged employee!

As the pandemic and lockdown around the globe draw to hold, we are finally able to see some clarity into the post-pandemic life. Business owners and HR leaders look forward to adapting themselves and their employees from recovery and onto the work field. Most firms are rebuilding from the ground up whereas others shifted to a platform to keep things running. The management and owners of such businesses now rely on hard work and determination to bring their organizations to the previous standings, yet individual talents in this regard cannot be overlooked.

Utilizing the pre-covid format and skillsets in the post-pandemic world will definitely prove to be a hassle. HR leaders and Firms are in the race to upload versatile minds and workers into their newly planned systems. Making a higher demand for skilled, capable and tactical minds in this new revolution to uprise businesses. With the current workforce, however, a few key changes are due to be implemented to tackle this change. Here are the top 5 HR skills your organization needs to rebuild itself.

Agility: 

Improvise, adapt, and overcome, the key pointers associated with survival which perfectly tie in with the current struggles of upholding a business during a pandemic. Being ready to be agile to whatever the world throws at you, gives you a significant advantage in the business world. Business owners and management should look into being agile when it comes to recovering from the pandemic as well as shifting from platform to platform. Having certain HR tools such as PeopleSonic at your disposal allows HR leaders to make an educated workforce and future planning decisions.

Change Management/Communication: 

Being agile to change is one thing, and managing throughout the change transition period is another. Both are vital and go hand in hand during such recovery periods. The management should be at the forefront of change, leading and planing from the frontline to accommodate their workers’ mobility throughout the process. Communication is the pivot that determines the pace and effectiveness of the procedure. Keeping employees aware of strategical and tactical changes will allow for a clean shift in gear. Thorough and detailed briefs followed by constant updates through a well-communicated medium will surely keep the bearings turning smoothly.

Managing wellbeing/safety: 

Your employees and the environment that surrounds them are key components in the success of a company. Many wrongly believe that intense work practices and having a constantly pressurized environment keep employees on their feet. This couldn’t be further from the truth, as they are the entire driving force of an organization so ultimately keeping their wellbeing and psychological safety in check is a priority. Post pandemic concerns are definitely not off the table yet as lingering viruses are still present, so constructing a healthy ambiance is necessary.

Strategic Workforce Planning: 

Workforce and planning without a strategy in play that too during a recovery/building phase is an obtuse decision. Having a set tactical plan set for the future is imperative. Strategic Workforce Planning covers employee experiences, development of roles, succession planning, and scenario strategies. Being prepared for different obstacles and crisis are condemnable, but planning to prevent such events from happening are far superior. Businesses that opt for such an approach are known to have a strong HR approach while grasping every opportunity given.

Compliance: 

Tackling the typical HR tasks during a pandemic proved to be strenuous, with constant evolvements and law changes, the constant updates did not help the situation. Therefore using and ultimately shifting to HR Software is the move for the post-pandemic agenda. Allowing for such tools to relieve time by handling tasks such as payroll, performance management, time management, and the core HR functionality is the goal. HR teams need to be compliant, whilst maintaining their time management will dedicate and open up further growth possibilities.

 

How brands, businesses, and organizations tackle the recovery period will ultimately define and streamline their efforts in achieving success. Therefore being compliant and orchestrating changes are the signs of a competent HR leader, who develops their own skills and aids the workforce to thrive.