Key HR
Developing an effective human resource strategy takes time and careful planning. Whether you want to increase your profit margin, grow the company or revolutionize with tech, HR is at the center of all business.
Determine human resource needs
This part is heavily involved with the strategic plan. What growth or decline is expected in the organization? How will this impact your workforce? What is the economic situation? What are your forecasted sales for next year?
Determine recruiting strategy
Once you have a plan in place, it’s necessary to write down a strategy addressing how you will recruit the right people at the right time.
Select employees
The selection process consists of the interviewing and hiring process.
Develop training
Based on the strategic plan, what training needs are arising? Is there new software that everyone must learn? Are there problems in handling conflict? Whatever the training topics are, the HR manager should address plans to offer training in the HRM plan.
Determine compensation
In this aspect of the HRM plan, the manager must determine pay scales and other compensation such as health care, bonuses, and other perks.
Appraise performance
Sets of standards need to be developed so you know how to rate the performance of your employees and continue with their development.
Key HR mainly involves implementation of the human resource action plan. Human resources are allocated according to the requirements, and inventories are updated over a period. The plan is monitored strictly to identify the deficiencies and remove it. An implementation plan is designed to document, in detail, the critical steps necessary to put your solutions into practice. It is a step-by-step list of tasks with assigned owners and due dates, and helps the project team stay on track.
- Key HR Objectives:
- Employee grievances
- Hire to Retire workflow
- Employee experience planning
- Manpower planning
- Budgeting
- Career Management
- Training & Development
- Records and Documentation Management
