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Human Capital Management

Top 10 HR Best Practices for your Company
by

Stephanie Hanley

on 22 January 2013

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Transcript of Human Capital Management

Best HR Practices to Transform your Organization and Achieve your Company Goals - Today and in the Future Developing Human Capital What is Human Capital? Human Capital is the intersection of an organization's skills, the required roles, and it's People. Reasons to Train your Employees! 1. Increased productivity The importance of hiring Right
giving them the opportunity to work in another area of the business

take the lead role (or be more involved) on a strategic project

or participate in strategic planning sessions. Helping your employees to develop their skills can be as simple as: Career Development can Transform your Company SKILLS includes: specialized skills attained through higher education, certifications, trade schools or extensive industry specific experience.
They also include things like leadership, business & interpersonal skills.
Knowledge & creativity.
Life & work experience Roles pertains to existing or future jobs, project roles and positions within the organization. People are the key; finding people with the right skills, competencies, experience and education to fill the necessary roles Defining Roles and Responsibilities In order to effectively manage your staff and meet company objectives, it is important to provide everyone with a clear definition and understanding of their role, function, and responsibilities in the workplace. Failing to define workplace roles and responsibilities can create tension, mis-communication and inefficiency within your business. Defining Roles & Responsibilities 1. Determine Roles & Responsibilities within your organization 2. Create Job Descriptions for each existing employee and any future ‘wish list’ positions you’ll need to reach your company growth plan and organizational goals. 3. Create an Organizational Chart (OrgChart) and share it with all employees The natural path for most small businesses requires hiring a generalist who can handle many different types of responsibilities but as your business evolves and grows, you'll often need people with specific skills sets rather than generalists to keep your business growing. Hiring the wrong person can have a negative impact on your business. A poor fit can damage the performance of your business, customer satisfaction, relationships with suppliers and the quality of your work. It can also affect the morale of your other workers. Leverage your Professional Network
a. A quick email out to your network with the job description can generate several qualified leads for great candidates. Employee Referrals
a. Internal recommendations are a great resource
b. Consider offering rewards for successful hiring referrals Networking Events & Trade Shows Host a job fair
a. Plan an open house hiring event at your place of business – have great candidates come to you!
b. Post information or an invite on job boards, social media outlets and send emails to let people know about the event. Be creative in recruiting, interviewing and developing your employees, and you’ll be able to secure the best resources for your business. LinkedIn or other social media outlets
a. Post job descriptions in forums and groups
b. Ask friends and colleagues to ‘share’ the job posting Creative and Inexpensive Ideas Utilize Social Media to Create Awareness about Available Jobs and to Find Candidates Training on a Budget 1. Join Associations or Trade Groups
Many industry associations offer training programs for members at annual events, online, and at seminars. 2. Find Trainers Within Your Organization
Do you have an employee who has strong communication and interaction skills and the patience to help others learn? Consider appointing them as a trainer. 3. Host Weekly or Monthly Lunches
These are a great way for team members to get involved in new things and help educate the wider team about how each employee contributes to the business.
Ask employees to come prepared to talk about a topic. 4. Use Online Training Courses 5. Cross-Train Employees in the Workplace
Look at different jobs in your organization as hands-on training opportunities for others.
Rotate roles frequently so your employees are continuously learning and challenged to achieve new things 6. Start a Mentorship Program
Consider partnering new or less experienced employees with mentors. 7. When You Need to Bring in the Pros
What if you need to solve very specific problems? You may need to invest in an off-site training program where employees benefit from fewer distractions and an interactive class room environment. 8. Set Goals and Measure Success
Put specific training goals in place for each employee.
Assess the impact the training has had on their overall job skills and performance on a six-month and annual basis. Happy People Work Harder 1. People are your most important Asset
2. Hire the Right People
3. Implement Training & Development
4. Support Continuous Improvement
5. A Happy Workplace is a Productive Workplace Businesses often forget about the [company] culture, and ultimately, they suffer for it because you can't deliver (or get) good service from unhappy employees. – Tony Hsieh (CEO – Zappos & Author of Delivering Happiness) This will provide them with a good understanding of the job and tasks they are to perform as an individual and within any teams they are a part of.

It also provides information on where they fit within the organization and helps everyone accomplish individual and company goals. People may be unsure as to what jobs are their own and who they are required to report to.

Mistakes and omissions can also occur where people are unsure of what is required of them, therefore creating inefficiencies which cost time and money. Sometimes generalists are up to the challenge of learning new skills and taking their careers in new directions. Other times they're not ready, right, or interested in growing into the positions your business needs and tough decisions need to be made. Summary It is the combined ability, knowledge, skills, expertise, competencies, know-how, and innovativeness of a companies Human Assets. Human Capital embraces the concept of investment in education, training and career development creating and improving human skills and knowledge. The resulting company benefits are an over-all increase in productivity and profits. Audit existing employees and positions What positions will you need to bring on in the future to accommodate growth? Job Descriptions define duties, responsibilities, most important contributions and outcomes needed, skill sets, education and experience required to be successful. This chart is a tool that helps to define the inter-relationships between all departments, divisions, teams and people. It defines reporting structures and lines of authority and responsibility, providing a picture of how the organization functions 2. Reduced employee turnover 3. Decreased need for supervision 4. Increased ability to incorporate new technologies 5. Increased health & safety resulting in decreased work-related injuries, illness and absenteeism. 6. Increased innovation in strategies and products 7. Increased job satisfaction, morale and motivation among employees 8. Increased efficiencies in processes, (resulting in financial gain) 9. Enhanced risk management - (awareness prevents mistakes) 10. Enhanced Company image
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