Human Resources (HR) department faces several difficulties, by staying ahead of the curve with new HR trends, insights, and best practices can empower the team.
FREMONT, CA: The HR department of all the organizations faces many challenges, and it is a complex profession. Some of those challenges, like tight labor markets and economic volatility, are beyond your control.
Here are some of the biggest challenges for HR leadership teams:
• Nurturing workers’ health
Decreasing the cost of an employee’s illness and injuries probably shows up on your list of top five concerns every year. Absenteeism costs the country’s employers about 335 billion USD per year, and that’s only the amount from lost productivity. The cost of worker’s compensation payments, medical expenses, and legal consultation fees are additional, as are indirect costs such as temporary employees, accident investigation, and repairing or replacing any problematic physical infrastructure. Learn to recognize the symptoms of depression in the workplace and develop robust employee assistance programs that can be helping promote effective treatment.
• Improving employee retention
When the administrators of any company do audits to figure out the source of financial leakage, worker churn will always show up as an expense to be lessened. In the United States, employee turnover costs an estimated $160 billion and losing one individual employee may come with a price tag of six to nine months’ worth of the person’s salary. This high figure is arrived at by adding up the cost of recruiting and hiring, the wages and time involved in training a new employee, and the lost productivity while that new hire is coming up to speed. As a matter of fact, it can take up to two full years for a new hire to reach the same level of productivity as other continuing co-workers.
• Building a diverse workforce
Nowadays, HR teams struggle to hire new workers who fit well with the company culture. It is an essential thing in the recruitment process, but it can only reach its full potential when combined with an effort to bring different voices and perspectives into the company. In a stable hiring environment, where companies compete for top talent, a workplace with a reputation for inclusiveness will attract more applicants. Brainstorm new strategies to hire diversity of thought in your organization. HR will have a deeper pool of talent from which to draw, and skilled workers will feel good about participating in a company that promotes equality.
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