Human resource management is much more than hiring and firing. Make sure you understand this term to bring out the best in your employees.
Only focus on how to improve your employee retention is just insufficient to build a highly engaged workforce. In fact, your first step should start with overall human resource management to ensure your employees always feel satisfied and stay productive at work.
Then, what is human resource management, why is it important and how can you plan a practical and effective human resource management strategy?
What is human resource management?
Human resource management is an efficient and effective approach to exploit human resources and tie the workforce with the business’s missions, objectives, and strategies to gain competitive advantages. This approach can be carried through a variety of methods, including recruitment, training, employee retention or recognition.
Why human resource management is important for your business?
Research on the impact of human resource management on business results shows that this approach plays a crucial role in achieving positive business performance indicators. Organizations are more likely to be successful when both the leaders and employees are on the same page.
To get everyone motivated and dedicated to the key goals, develop your effective human resource management using these steps:
First thing first, know your business
The success of human resource management depends on how well it aligns with business targets. Hence, make sure you truly perceive business objectives, in both short and long-term, before working on subsequent processes. Also, any business strategies that relate to your personnel should be considered. Deliver clear communication at the beginning will smooth your way of creating a great human resource management strategy.
Analyze your current workforce
Next, examine the current employees and spot out the strengths and weaknesses. This involves inquiries on the numbers of employees, demographics, experience, qualifications, performance reviews, titles, compensations, type of contracts, etc. Also, try to gather insights into your employees’ existing happiness level at work and the engagement statistic, using our employee engagement survey questions. Once you have a detailed report of your employees’ status, it’s time to move on the next steps.
Predict future demand
At this phase, think over the latest labor market trends, industry changes, technology innovations, new roles to scale your business and essential skills for the current staff to meet future requirements. Other factors affecting personnel, such as maternity leaves, retirements, promotions, and turnover rate, are considered as well.
Implement the strategy
Compare the forecast with your current situation, the final result will help determine which strategy should be used to build a stronger workforce and achieve your company’s established goals. The decision can include any or all of the actions: hire more senior positions, equip essential management skills for leaders, modernize your workplace or provide further compensation benefits, etc.
The following steps will depend on your chosen strategies. For instance, if you need to recruit more, start with a compelling job post to attract talents. Then, conduct a phone interview or in-person interview to make your hiring decisions. Meanwhile, if your employees require more professional training sessions to undertake new business challenges, work with the upper managers to list some suitable topics and materials. Remember to decide a clear timeline to proceed and manage these activities.
Review and adjust your strategy
Be open to receiving feedback from your colleagues toward the human resource management strategy. Besides, you should arrange a periodic review to track the progress, evaluate the effectiveness and detect rooms for improvement. If everything works, stick with your plans. Otherwise, you can always take corrective actions to better meet your organization’s needs.
Human resource management is vital to all successful businesses. Some firms choose to build their own in-house department to oversee all HR complex tasks, while others decide to work with HR outsourcing service to focus on the core business and save cost for operation and compliance. In case you prefer the latter, Adecco Vietnam is here to provide you the world-class HR services. Contact us now for a productive and carefree workforce via our email email@example.com or our telephone (84) 28 3636 5811 (Ho Chi Minh City Office) or (84) 24 3218 1190 (Hanoi Office).