An employee retention strategy is a calculated approach to keeping people motivated to work at their jobs. In the current job-hopping culture, people are often on the lookout for better work situations, unless they’re happy at their jobs.
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An HR audit is a self-evaluation HR departments perform to assess their functionality and compliance with government regulations. HR auditing generally focuses on two domains: 1. Current practices and processes. For example, revamping the organization’s training and development program to include a wider variety of learning options or refining the recruitment process by rewriting the job descriptions. 2. HR KPIs. For instance, focusing on decreasing the absenteeism rate, time to hire, or time to fill.
A gap analysis in workforce planning is a process that looks at an organization’s workforce and its skills and compares it to the skills required to reach its key goals. It is used to identify potential deficiencies in an organization’s current workforce and abilities. Gap analyses aim to help an organization succeed by allowing it to make strategic plans for upskilling and hiring.
A performance appraisal, also known as a performance review, is a routine evaluation of an employee's progress and achievements. Generally, people dread the annual performance appraisal. It's often anxiety-inducing and can leave people feeling unmotivated to perform high-quality work. Recent trends, however, have spurred companies to implement more frequent performance appraisals (quarterly, for example) that provide constructive criticism and practical guidance to support employee success. Why should HR leaders care about performance appraisals? The new and improved performance appraisals function as performance benchmarks and allow team members to receive consistent,…
A performance management cycle is a method of guiding employees to enhance their productivity and work quality. The performance management cycle integrates ongoing support, feedback, and evaluations to facilitate employee growth that aligns with the company’s business goals. The cycle includes four components: Planning involves establishing a development plan, measurable company objectives, employee goals, and essential behaviors for success.Monitoring includes meetings and reassessments to ensure that people continually progress. Reviewing occurs at the end of the annual or biannual cycle to enable employees and management to evaluate the process and the…
On-the-job training (OJT) is the process of providing practical instruction to employees as they engage in experiential learning in their jobs. In OJT, people may take time to observe more experienced co-workers, perform duties under the guidance of a designated individual, or engage in a company learning and development program. In a sense, every job demands some form of on-the-job training. Typically, however, OJT is prevalent in jobs that require hands-on work, the usage of power tools and machinery, or among people learning to use a new system or tech…
Exempt and non-exempt employee statuses are taken from the FLSA (Fair Labor Standards Act) employee classification system. Exempt employees earn a salary, not an hourly wage. They are exempt from receiving overtime pay and cannot qualify to receive it. Exempt employees make a minimum of $35,568 a year and are generally skilled professionals working in white-collar positions. Doctors, lawyers, accountants, HR managers, and engineers, for instance, qualify as exempt. The different types of exemptions include: Outside salesHighly-compensated employeesComputerProfessionalAdministrativeExecutive Non-exempt employees, in contrast, earn hourly wages. Non-exempt employees must receive minimum…
Indirect compensation is a type of remuneration that typically encompasses non-monetary forms of payment. Direct compensation includes base pay, bonuses, commission, and incentives. Indirect compensation includes paid time off and overtime pay, as well as benefits that have financial value, but no cash value, such as: Insurance plansParental leaveTechnological devicesStock optionsRetirement planning and financial consultations Except for government-mandated benefits, organizations can choose which forms of indirect compensation to incorporate. Why should HR leaders care about indirect compensation? Understanding indirect compensation is essential for HR leaders. During the hiring process, candidates…
Time to hire is a recruiting metric that measures the number of days it takes to find and hire a new employee. It spans from the day the recruiting manager advertises the job until job acceptance. The formula for time to hire: day of job acceptance - day job is advertised = time to hire Time to fill encompasses time to hire. It measures the number of days from job requisition, the formal request for a new candidate, to job acceptance. Why should HR leaders care about time to hire/time…
An HR business partner (HRBP) is a senior HR professional who collaborates with executives to facilitate alignment between business objectives and HR strategy. An HR business partner represents the HR department to executives, contributing valuable people solutions to drive positive business outcomes. HR influencer Josh Bersin discusses the essential competencies of a high-caliber HRBP, which include: IntegrityAgilitySocial networking skillsKnowledge of the business and its jargon Digital competency and data analysisCourage and leadership Empathy Critical thinkingProblem-solving Sandy Allgeier, SPHR, refers to HR business partners as “internal consultants” because they advise managers and executives on…
A change management model is a system that strategically assists companies in navigating through periods of transformation and transition. Change management models help organizations successfully undergo transitions that lead to positive outcomes. Kurt Lewin's model, for example, involves a three-step process of change that: Encourages employees to "unfreeze" and release their connection to the status quoSupports acceptance of new practices Assists employees in remolding, "refreezing," and reinforcing the new ways Why should HR leaders care about change management models? Employees must demonstrate resilience and a readiness to adapt to change if…
Cost per hire (CPH) is a recruitment metric that companies use to determine the expense of each stage of the hiring process. The American National standards institute developed this formula to calculate cost per hire: (External recruiting cost + internal recruiting cost)/ (Total number of hires during the period) Organizations can benefit from CPH when using it with other essential metrics such as turnover rate, first-year attrition, retention rate, quality of hire, and time to hire. Why should HR leaders care about cost per hire? Planning, creating job descriptions, promoting…
Learning and development (L&D) is an HR process that enables employees to upgrade their competencies and thereby strengthen their company’s performance.
A sabbatical leave is a career break, usually between one and three months, that enables employees to pursue personal goals, reflect, and rejuvenate.
Due diligence is the inspection of a business agreement to assess its integrity and the risks involved. Like preparing homework before an upcoming lesson, exercising due diligence equips the relevant parties with the information they need before entering into a business contract or mutual relationship.
Workforce analytics is a method of monitoring and examining employees’ work productivity to improve workflow.
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