Human Resources Best Practices: Managing Your Company’s Assests
An organization’s workforce can often be its most valuable asset. However, this statement only holds true if the organization’s employees are properly managed and motivated. In the small business world, human resource best practices often times rank behind other functions of the business such as cash flow management, marketing and IT. While these functions are certainly important, properly managing your company’s employees should rank right beside these functions, if not ahead of them.
With this in mind, we have developed a brief webinar to provide business owners with some insight on what we’ve deemed to be the top five human resource best practices. These HR best practices include:
- First impressions last the longest
- Setting & formally documenting expectations
- Motivation – what drives your employees?
- Timely & meaningful performance feedback
- Empowering your employees
Let’s take a look into our first HR best practice!
1. FIRST IMPRESSIONS LAST THE LONGEST
Attracting the best and brightest talent is a key component for the success of a business of any size. Often times, companies will spend a substantial amount of resources to ensure their hiring process is effective and efficient, Starting off on the right foot with new employees is instrumental in both the short-term and long-term success of the organization as a whole, and will aid in the company maintaining higher staff retention rates.
2. SETTING & FORMALLY DOCUMENTATING EXPECTATIONS
Often times, companies make the mistake of assuming that newly hired employees have a good understanding of what is expected of them in their new role with the company. In actuality, this is often NOT the case, as new employees will feel more comfortable if there is a clearly defined set of roles mapped out for them.
The development of a simple but straight-forward employee handbook / manual as well as the development of formal job descriptions can go a long way in making your employees feel more comfortable and more aware of what is truly expected of them going forward.
Simple items such as attendance policies, dress code, email communication rules, clear job descriptions and clear lines of reporting should all be included in the manual.
A little time spent in development of this tool will pay dividends in a more comfortable and guided employees down the road.
3. MOTIVATION – WHAT DRIVES YOUR EMPLOYEES?
Motivation is a psychological feature that arouses an individual to act towards a desired goal. With this in mind, it is crucial to have a good understanding of what drives your employees.
Implementing a well-rounded incentive plan for your employees is instrumental to the success of your business both in the short-term and long-term. A well balanced employee incentive plan will typically involve structuring a finely tuned mix of both short-term and long-term incentives, as well as both monetary and non-monetary incentives. By implementing only short term natured bonuses and goals, you may be doing your company a disservice by sacrificing the long term success and health of the business for short term gains.
Furthermore, although monetary rewards are important, a “pat-on-the back” once and a while will certainly go a long way in motivating your staff. In the end, a motivated employee is a more productive employee and an employee that is highly motivates will naturally look for more effective and efficient ways to perform their job.
4. TIMELY AND MEANINGFUL PERFORANCE FEEDBACK
All too often, organizations ensure to provide employees with performance reviews and job feedback on an annual basis as a tool of determining salary increases and bonuses. However many companies lack in providing their employees timely and meaningful feedback periodically throughout the year. This is a recipe for disaster, as an employee cannot improve their performance if they are not aware that they need improvement!
Ensure to let your staff know how they are performing on a regular basis. Whether it be on a project-by-project, weekly, monthly, quarterly or bi-annual basis, the more frequently you can provide feedback to your staff, the better.
Be sure to let them know both what they are doing well and where there is room for improvement. Furthermore, in addition to letting them know what areas they may need to improve in, ensure to provide them with the proper tools and guidance which will give them every opportunity to improve;.
Providing timely and effective feedback will allow employees to feel that they have some control in their performance improvement and will motivate them to want to improve going forward, rather than discourage them
5. EMPOWERING YOUR EMPLOYEES
More often than not, many small business owners make the mistake of trying to do everything in the company themselves, and often times have issues with letting go of some control and micro-managing everything their employees do.
Realistically, if you are looking to grow and expand your company, there will be a point were the delegation of certain duties is necessary in order to allow you to focus on growth.
With this in mind, empowering your employees will not only free you up to focus on growing your business, but will also serve as a huge motivator for your employees and will lead to them being more productive.
In order to empower your staff, you need to allow them the freedom to do their jobs. By delegating responsibilities and authority you are also showing your staff that you have faith in them and that you are also providing them the opportunity to grow both personally and professionally in their careers.
We at I&A have provided valuable and timely consulting services over the years to many companies in all industries, specifically in assisting with the top five HR best practices.
Let’s build a future together.