January 14, 2022
Hiring and retaining staff in the current economy can be tricky.The generational gap in the workforce is evident based on the demands made by the current pool of eligible employees. Nowadays employees choose to work and stick to organizations whose HR practices are constantly updated to the dynamic corporate world. Here are top HR practices that businesses should implement today, in order to keep up with the fast-paced HR function.
Provide Job Security
People choose to work for an employer or company because of the assurance that they can earn a living for themselves and their dependents. Especially in these unprecedented times, employees feel that job security is a privilege.
Apart from the basic compensation or the salary package, an employee’s dependant could be relying on their benefits from the company. This could be school allowances, house loans, medical insurance, etc. Losing a job means it affects not only the employee but his immediate family and their standard of living as well.
According to a 2020 study, it was revealed that job security is the third most important factor for employees to choose a company and to stay in it. As such, the concept of job security is essential and underpins almost everything HR does nowadays and is a key consideration to be made in updating HR practices.
Offer Above The Industry Compensations
The advent of HR cloud-based software and easy access to information has made accuracy and fair HR practices easy. Employees can conveniently compare salary scales, industry rates, and even other standard benefits packages to which their qualification and experience profile is eligible. This is why it’s important to compensate employees fairly or above the industry average in order to retain top talent.
Providing above-the industry compensation helps an organization to stand among the rest in the industry and make them more attractive to potential employees. It helps organizations present themselves as a company that values talent and expertise and is willing to reward employees accordingly.
Through this, organizations can retain an employee for longer and cut down turnover rates or the need to conduct expensive recruitment processes often. This HR practice also easily promotes a culture of appreciation and improves engagement levels.
Conduct Fair Performance Appraisals
Nowadays, even blue-collar employees are becoming more well-versed with employment laws and related legislation, including fair treatment and appraisals. Employees are also aware that using an accurate HR platform can easily facilitate fair performance appraisals that are free from all kinds of bias influences.
Fair appraisals are a crucial HR practice nowadays for many reasons. Firstly, fair performance appraisals are a key factor to motivate employees, enhance their engagement levels and to keep them free from negative thoughts resulting from a biased work culture.
Secondly, a fair performance appraisal is an HR practice that is often used as a marketing tool to attract employees and to market itself as an ethically reliable company. It also has a significant influence in retaining employees and reducing turnover rates, and in general, fostering a healthy work culture.