Human Resource is one of the most underrated departments in business, but actually manages the company’s most important asset, employees.
Investing in human capital might seem unnecessary at many junctures, but one must realise when you invest in employees you don’t invest in just one resource but in many resources. You invest in getting closer to your vision, you invest in more opportunities, more ideas, you invest in a bright future!
- To make sure your brightest minds continue to be associated with your company and its vision, pay salaries that are at par or above the industry standards. Be aware that your competitors are eagerly waiting to poach the cream of your company, so make sure that they are happy, motivated & loyal to your company and the best way to do that is with a package that tells them how much they mean to you!
- How much of a check you need to keep on employees is always contentious. But human minds are complex and to be under the illusion that they all care for your company as much as you do will not help. Some basic checks & balances will ensure accountability & encourage a responsible & careful behaviour on part of the employees. As the team gets bigger, keeping check becomes difficult and some miscreants take advantage of that. Employee theft, inventory shrinkage, bookkeeping management are HR nightmares. Quarterly performance reviews will keep them on their toes & more focused, constructive criticism will help more than accusatory remarks & setting weekly goals will bring more organisation.
- Recreational outings & retreats & recognising their work through awards & bonuses will motivate them to contribute a bit more than before. Companies must realise that employees also need a promising career trajectory path and training will help in giving them more direction. This will not motivate them but also help channelise their energies & potential towards their & your company’s growth. Profit sharing incentives never fail to appease them; they feel that they are part of the success too. Also, a suggestion box will only suggest that you care about their concerns.
- Only when you feel the market has given all the love you need to expand, start hiring your new employees. Remember, each hire will impact your corporate culture in some way or the other. People are different, don’t expect the newbies to be as attached to the company’s goals as the old-timers. It is important for the company to keep an eye on all those that represent the company and make sure that the environment is more accessible & approachable to the newcomers.
