#10: Prevalence of Advisors - Historically, "strategic advisors" consisted of accountants, CPAs, and lawyers; today however top-performing companies are turning to self-created advisory boards consisting of industry leaders, partners, and/or customers.
#9: Outsourcing Adoption is Increasing. Almost all companies outsource something; whether its payroll, marketing, sales, accounting, finance, or HR. The Ephor Research Practice reports outsourcing adoption rates by function for employers with 25 to 2,000 employees: Human Resources 18%, Information Technology 26%, and 40% of all small businesses outsource some or all of accounting and finance.
#8: Run Human Resources like a Profit Center. Anything that is measured can be improved. Many organizations start with measuring basic HR measures (revenue and profit per employee, turnover rates, cost-per-hire, and employee engagement) and monitor quarter-by-quarter trends. By shifting HR's focus from payroll and administration to organizational development and implementation of Human Capital best practices organizations become top performers.
#7: Focus Performance Reviews on Forward Looking Goals, training, and career development. HR experts and thought-leaders have written ad-museum about making performance reviews as motivational tool and not for discipline.
#6: Adopt Flexible Scheduling. 68 percent of firms utilize some type of alternative scheduling. With the advent of conferencing and collaboration tools plus rising gas and transportation costs companies are embracing 9/80 and other flexible work schedules.
#5: Embrace Transparency. While stories of corporate greed plague the economy; many organizations have opted for more transparent reporting which drives accountability, engagement, communication, and connectiveness.
#4: Improve Employee Productivity with training and tools. Download Employee Productivity Best Practices for Entrepreneurs.
#3: Invest in employee development and retention. The average professional employee turnover costs an organization $50,000.00! Read more about “Employee Management Best Practices.”
#2: Shift from reactive staffing mindset to proactive Workforce Planning. Workforce planning improves quality-of-hire and reduces recruiting costs.
#1: Create Workforce Scorecards – The path starts with creating transparent measurement and metrics. Daily accountability at the front-line is a real problem that can be mitigated with effective management and measurement techniques.
We have found that companies that implement effective human capital best practices achieve the following:
A. Create scalable procedures (i.e. reduce labor and related workforce costs by 20 – 50%);
B. Develop more effective managers and leaders;
C. Improve workforce productivity; and
D. Mitigate workforce related risks and compliance issues.
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