A company’s employees are its most valuable asset: they are responsible for maximizing productivity, impressing clients, and generally keeping the business running at full capacity. Unfortunately, due to the fact that humans are complex creatures, HR is often far less streamlined and stress-free than most business owners would like. Below is a list of the top three most common HR challenges from around the globe and advice on how best to address them.
Finding The Right Talent At The Right Time And The Right Price
Research has shown that it can cost companies around $3,500 and take close to two months to find a new employee that is a good fit for the business. These numbers can increase if the company is focused on hiring only the finest talent out there. The solution, especially in terms of reducing costs, is for business owners to take a lead role in the recruitment process or to outsource it entirely so that time and effort can still be spent focusing on other important aspects of the business in conjunction with hiring new members of the team.
Maintaining HR Compliance
There are countless rules and standards that every business needs to adhere to when it comes to HR. From accurate COBRA payments to collecting the right tax information for each employee, trying to keep your finger on the pulse of compliance can prove a full-time job in itself!
The ultimate solution is to invest in HR company software that allows for automated compliance that extends from hiring your employees, onboarding them, and managing their HR matters all the way through to offboarding if and when they leave the company in the future. Don’t forget to look for HR company software that can be fully integrated, particularly in terms of employee benefits and payroll.
Retaining Existing Talent
Considering the time and money that it takes to look for new talent, it is obvious why holding onto existing talent is a top priority for companies big and small. The average person changes jobs every 4.2 years. If you want to retain your employees for a much longer time than that, there are various steps to take to boost their job satisfaction:
- Invest in their development: One of the leading reasons why employees seek out ‘greener pastures’ is because they feel stagnant in their current position. Fuel their growth by paying for online courses or ensuring that they are actively mentored by a more senior member of staff.
- Invest in employee benefits: Employee benefits should never be viewed as luxuries. They should be a priority for business owners, especially if they want to ensure that their staff is aware that they are well taken care of.
- Implement various incentives: Incentives are great for boosting productivity and keeping a healthy dose of competition alive within the workplace. They can also play a significant role in helping you to hold onto your most valued employees.
Going forward, you can start improving your approach to HR drastically now that you know where most other businesses battle. You’re welcome!
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