8 Ways to Make HR Profitable for Your Small Business
November 14, 2020
A well-run HR department can be of inherent value to any business, large or small, and once you begin to appreciate this fact and invest in HR, you’ll find that your employees become more empowered and more productive. Great health insurance is more than a gift to employees, it’s a reason for them to stay loyal to the company, to work harder and to feel more valued as a worker; in turn, as an employer, you get to reap all the rewards of an invigorated workforce.
Read on to discover more about making HR profitable for your small business:
- Start by linking HR responsibilities
Swift hiring decisions based upon cashflow, predictive analytics and your runway, are made easier when you link your hiring plan with your benefit costs and related outlays to your financial model; enabling you to save a lot of money on unnecessary hiring and future layoffs.
- Improve internal communication
Improve your channels of communication; make them open and anonymous, centralize them, and connect them with different apps through API’s.
- Make mental health and care your priority
Check-in regularly with your employees and monitor their mental and physical wellbeing to ensure that they’re not suffering from burn-out or any other issues.
- Anonymous surveys
Carry out surveys that enable your employees to communicate how they’re feeling about all aspects of their work and the company as a whole, then respond appropriately to ensure that they get the help or advice they need.
- Celebrate transparency
Have the HR department post internal projects for everyone to see helps to promote the spirit of transparency, and enables companies to take advantage of internal resources.
- Have HR run learning and development training sessions
Internal trainings hosted by HR can help employees start side projects which may go on to produce new products and services, and ultimately, increase revenue for the whole company.
- Create flexible roles
Making talent your priority when hiring, as opposed to just skills and qualifications, can help your business to generate creativity and a virtuous cycle of high engagement, which ultimately, can lead to bigger profits and a better employee brand to attract more new talent.
- Run offsites
When a business arranges for regular interactions between departments, it can help employees get to know each other better, and collectively reiterate the company’s purpose and vision.
While it might seem like a misnomer, outsourcing your HR responsibilities can actually help increase profitability for your business, and can enable your existing HR employees to focus on the more physical, engaging aspects of their role, such as with arranging training sessions and offsites. For more detailed advice and guidance about all aspects of HR, talk to a payroll specialist today.