We’ve entered 2023, and it’s time to assess how to adapt to new human resource trends and improve your people operations.
5 New Year’s Resolutions for Your Organization’s HR Strategy
Here are five ways you can enhance your company’s HR strategy.
HR Strategy #1: Ensure Employees Actually Have Work/Life Balance
A key theme going into 2023 remains, the increasing need for flexible work schedules. The 4-day work week is also gaining traction, and as the market becomes employee-driven, current and new employees alike demand work-life balance.
A good place to start is to become firm about when work ends. Limit your employees’ overtime, don’t allow them to stay in the office when the workday ends, and encourage employees to not take their work home. Organizations should focus on other effective ways to boost employee productivity such as investing in tools that help automate repeated processes. Train employees and leaders in time management. Employers should also consider hiring additional resources to help when the work piles up.
Furthermore, another factor that impacts employee productivity is burnout and stress. Launch initiatives to help employees deal with stress and learn how to better manage their workload. Train managers to be more empathetic when employees come to them regarding their problems.
These initiatives help improve employee productivity without forcing employees to work extra hours to accomplish their tasks. It is not just about creating policies but ensuring that the work environment and culture can implement these strategies.
HR Strategy #2: Give Employees a Shared Sense of Purpose
There is a common myth that the millennial generation are job hoppers. Many organizations believe that this group doesn’t look forward to making a career with a single organization.
However, a deep dive into data reveals that millennials are more committed to their employers than the previous generation. Data from the Bureau of Labor Statistics show that the median tenure of employees has increased from 3.6 years to 4.6 years between 1998 and 2014 (Source).
The fact is, millennials yearn to build lifelong careers with a single company. They want to find a place where they feel like they belong and have shared values and purpose.
As a result, organizations must learn about the professional aspirations of their employees and connect them to the company objectives.
Acknowledging efforts made by employees and engaging them in a mentorship program can help employees feel like they are a part of the organization and that their contributions are valuable. These actions help to retain talent and reduce the costs of onboarding new employees to replace those who leave.
Also, create an environment where honest communication is encouraged which will help to develop trust amongst employees. HR plays a pivotal role in encouraging communication. HR should stay in direct contact with employees, listen to their grievances, and circulate surveys that gather data from them.
HR Strategy #3: Improve Remote/Hybrid Work Models
Also, in 2023 companies all across the world are taking steps to improve and perfect their remote and hybrid work models. Why? Because the future of work is flexible, and if you don’t act on it now, your company is going to be left behind.
If your company doesn’t offer remote or hybrid work, it should consider making it a part of its compensation plan. A plan that matches or exceeds the competitors can help attract talent, especially in this candidate-driven market.
If the company is hiring remotely, the process of hiring and onboarding should be standardized. Since the hiring and onboarding process is indicative of the employee’s tenure in the organization, it should be well-planned.
In a remote or hybrid work model, it becomes difficult to build teamwork among employees. Therefore, an onboarding process that tackles these issues should be developed by HR.
The second step to improving remote and hybrid work models is making the employees feel they are a part of a culture. Make sure to show appreciation to remote workers and provide them with equal opportunities to grow and progress in the organization as on-site employees.
HR Strategy #4: Revise Company Values and Policies
Company policies and values establish your company culture. Values also help the company develop its employer brand that attracts and retains talent.
Every year, HR should review their company policies and values to ensure that they are up-to-date with federal and state regulations. HR should also ensure that the policies and values are relevant to the company employee motivation.
Employee handbooks include the ground rules employees should abide by in making everyday decisions. However, the employee handbook is also a tool to communicate what employees should expect from the employer as well. Best practice is to review and update employee handbooks annually. New strategies adopted by the firm, like a triple bottom line approach, should reflect in the handbook as well.
HR Strategy #5: Expand the Culture within the Company
The company culture drives employee engagement or retention. Turnover rates increase if the culture deteriorates or does not keep up with growth. A people-first approach should be a core tenet in the company culture. Employees will feel valued in the firm with this kind of culture. When employees feel valued and appreciated, they are more likely to stay with the organization. A positive company culture also improves the employer brand, thus attracting potential candidates that can improve the company’s performance.
Furthermore, as the company grows, the culture needs to grow along with it. For example, a mentorship program, investment in professional development, and an increase in benefits indicate that a firm is growing and spending on employees. Also, if the company has launched a remote or hybrid work model, the culture should change accordingly to reflect this to make them feel connected to the organization.
LinkedIn is a great place to start and share HR initiatives. Potential candidates frequently search for the company and if they don’t find an updated account, they might think that the company is not doing well or does not focus on HR. LinkedIn is also a great way to share employee achievements to boost their morale.
Summing it Up
2023 is the year that organizations have recovered from the pandemic, but there are some changes that HR needs to implement in the organization. For example, hybrid work models are gaining traction and need to be perfected to harness their potential benefits.