6 Tips on How to Use HR to Drive Revenues
According to a recent study conducted by PwC, 60 percent of CEOs surveyed expressed their concerns of not having enough or the right mix of talents to drive their company forward.
In addition, the study showed that:
- 31 percent of CEOs could not innovate effectively
- 29 percent find it challenging to pursue attractive market opportunities
- 24 percent had to delay or cancel strategic initiatives
According to the respondents, these challenges are due to the widespread “talent gap” issue that besets many companies in the world today — big or small.
While most CEOs believe the cliché that “their employees are their most valuable assets”, most of them don’t provide their HR with the right tools and organizational opportunity to unlock the true potential of these talents.
That’s why in this post, we will be talking about six HR tips on how to use the human resources as a revenue driver.
1. Use the Right Tools
Do you still remember the law of attraction? In this post, we’ll use it this way: “the right tools attract the right people.”
Let’s admit it. Many CEOs today are concerned about the ever-widening talent gap.
Perhaps you’ve asked yourself this question: How can I attract the RIGHT employee for the job?
When Millennials look or a job, they’ll enter a company that has the right tools
Here’s my answer: the right tools attract the right people. According to a study published by the University of North Carolina, by year 2020, 46 percent of the American workforce will be made up Millennials.
And what do we know about them? Millennials are “tech natives”.
They use technology to stay connected, to collaborate and to communicate at a short notice. Google and the Internet is wired within their veins.
When Millennials look or a job, they’ll enter a company that has the right tools that allow them to use technology to the fullest.
2. Retain Top Talent
What’s the use of recruiting top talent if you can’t retain them? To make sure that employees are constantly engaged and empowered, CEOs must arm their HR managers with the right tools.
CEOs must arm their HR managers with the right tools
These tools, like a cloud-based HR software, will give the HR more time to focus their energy and skills on retaining top talent than on tackling pile after pile of paperwork.
3. Compensation Decisions Must Be Linked to Business Strategies
Do you know that employee benefits and compensations make up the bulk of a company’s expenses?
Despite its implications, studies show that HR makes compensation decisions with their eyes blindfolded.
Meaning, they don’t link most of their compensation decisions with existing business strategies. Why?
According to Oracle CEO, Mark Hurd, most HR lack the proper technology to make key decisions based on data.
This is true especially if your HR relies on spreadsheets which make data consolidation and analysis a nightmare.
Studies show that HR makes compensation decisions with their eyes blindfolded
For a compensation plan to be effective and successful, it must be business-driven.
With the right set of tools, the HR manager will be able to gather the right data (about employee growth, retentions, attendance, performance, etc.) so he or she can make informed decisions.
Once achieved, the HR will become a big asset to the company — generating revenues at every turn.
4. Connectivity Anywhere, Everywhere
For a company that’s spread across cities, countries or even continents, it’s very important that each employee — from the least paid worker to CEOs —- are on the same page.
To achieve this, ease of connectivity is paramount. If you want to learn more about the best practices in remote working, you can check out this informative article.
Ease of connectivity is paramount
Cloud-based HR Software like CAKE HR, are one of the tools that a CEO can use to communicate with his employees as well as to monitor and manage their attendance, performance, etc.
Cloud-based operations makes sure that everyone is viewing the same page and not a single important information is lost in translation.
5. Streamlining HR Processes Using an HR Software
Companies that rely heavily on paper-based HR systems and spreadsheets will eventually learn (if they have not realized it yet) that Excel and post-it notes don’t work on companies with over 15 employees.
While Excel can do wonders for a team of five, using it as the main HR system for your growing company can be nightmarish –- you can learn more about that here.
Excel and post-it notes don’t work on companies with over 15 employees
HR software do not only attract the scrutinizing eyes of top talents but also provide businesses an opportunity to streamline and enhance their numerous HR processes.
This will result to increased productivity and collaboration which leads to better revenues and ROI.
6. Choosing the Right HR Software
HR software will play a very critical role in the success of businesses in the 21st century.
Cloud-based and easy to use, HR software come with a lot of awesome benefits. Some of these are:
- data security and recovery
- lesser risks
- improved communication
- better decisions
- transparency of information
- less expenses
- better and more efficient administration
You can learn more about these benefits in greater detail from this article.
Choosing the right HR software for the business can save CEOs a lot of money.
With a plethora of choices out there, it is important that CEOs know and understand the needs of their employees as they will be the ones who’ll benefit most from the program.
It is also important to know your usage potential of the HR solution. Why pay for features that you don’t need or use? Right?
So instead of spending your hard-earned money on all-in-one enterprise solutions, why not try other HR software providers like CAKE HR and pay only for the features you need?
This way, you can use your extra resources in investments or developments that’ll drive the company forward.