The Inevitable Part of Human Resource Management Being the HR Strategy
While thinking the HR strategy can be very confusing. HR Strategy is your approach to how you treat your employees and will affect your strategic thinking for the business as a whole. Human Resource being the most important part of the org also considered as assets of the organization, have been given importance since times. Employee compensation, Employee benefits, employee communication, recruitment, work environment, training and development, pormotion and many more things to be included. HR strategies may vary from company to company and many more influentials. Although the HR strategies differ among corporate there are certain things that are almost similar in every organization. These include the CBC WTR components.
Compensation[/b]
The questions concerning compensation plan for employees mostly target
Where do your employee’s salaries fall with respect to the marketplace?
Do you pay at the 50th percentile, higher or lower and why?
What is your philosophy on salary increases?
Does incentive pay play a significant role in employee compensation?
You should be able to effectively articulate to your employees your compensation philosophy, the salary guidelines and practice it on a regular basis.
Benefits[/b]
Employees are always in need of benefits and their demands go increasing and extending every New Year to come. Although this scenario remains the constant even though the kind of benefits demanded change and vary. Employee benefits include time off, medical, dental, life insurance, disability, tuition reimbursement and other fringe benefits such as commuting reimbursement or concierge services Disability insurance, Life insurance, Retirement benefits, Domestic partner benefits, Paid time off, Fringe benefits etc.
Communication[/b]
Communication develops mutual and a really good internal environment. Upward and Downward communication was a new trend in recent times which is now changing with new and developed means to develop the mutual relations. Developing a plan for employee communication is vital to employee morale and will also affect your corporate culture.
Work Environment [/b]
What sort of workplace have you created?
Highly-structured with limited flexibility
More casual with greater freedom for employees to work as they like as long as the job gets done
Planned time for fun to relieve stress and to show appreciation for a commitment to the business
Many organizations provide extreme facilities that provide employees with the leisure that help them lay off stress due to work pressure.
Training[/b]
Training is one such thing that every employee has an eye on, for some or the other reason which differs from individual to individual. Training can come in the form of tuition reimbursement, on-site training, on-the-job training, succession planning and many other formats
Recruitment[/b]
Developing a recruitment philosophy that supports your HR Strategy will help ensure that new employees are on the same page with your goals and objectives. The on boarding process is another consideration you’ll want to think about.