In small to medium size businesses there may not be the need or resources for a full time HR person. However, that doesn’t mean that HR should be forgotten. This is where outsourcing solutions can help. An outsourced HR solution can be provided at a relatively low cost and help with all of your HR needs.
In an outsourced solution your company would gain access to a fully qualified HR resource to help keep track of your employees, do administrative tasks, and all of the other functions of a complete HR department. With the help of a web based HRMS you could view your staff information and even roll out an employee self service portal.
The purpose of having metrics for HR is to show value for the initiatives that HR is carrying out. How can the management of your company know if the processes put in place by the HR department are saving your organization money or costing it money? Developing the right metrics to measure the right thing requires data and input from decision makers that are tasked with aligning the internal processes with your companies values and stated goals.
Metrics do not just have to be about directly measuring costs like Cost Per New Hire, it is also important to measure those factors which indirectly affect productivity and efficiency like Employee Happiness and Engagement. Measuring key performance indicators like talent management can help to manage human capital to ensure organizational success.
According to a recent study, employers can benefit from having a Wellness Program in many ways. The study looked at medium-sized and large organizations and found that:
- Recruitment and retention of healthy employees increased by over 30%
- Healthcare costs were reduced by 45%
- Decreased rates of illness & injuries resulted in a decrease of over 15% of lost time
- 12% Reduced employee absenteeism
- 10% Improvement in employee engagement and morale
- 33% in Increased productivity
Wellness programs can be costly but there is significant return on investment that should not be discounted.
If your organization does not have a Diversity & Inclusion (D&I) strategy then you’re missing out on significant value-add to the business. Recent studies have suggested that only about 67% of large companies in North America have D&I strategies and programs so there is much work still to be done. Having a workforce that reflects the customers you serve can be of vital importance and ultimately impact your bottom line. People of varied backgrounds bring differing perspectives to work which can cultivate employee engagement, innovation, creativity and more.