Human Resources is a vital department to any Middle Market organization. From hiring & employee relations, payroll & benefits, to training & and career development, HR usually ends up with much on its plate. Therefore, as organizations grow from small to Middle Market and beyond, HR typically ends up taking on more responsibilities. So, they become even more integral to keeping your business running smoothly.
HR Advances For Your Middle Market Firm To Advance
Despite being important and necessary, HR departments are often overworked or overwhelmed. They are tasked with keeping up with all the aspects of the ‘softer side’ of running a business. Your primary focus is on raising capital, increasing sales and strategic growth. So, it can be easy to forgo evaluating and updating your HR team’s processes and technology.
As with everything, innovations and new advances in technology are evolving to assist your HR department. Today we look at 4 areas to consider as you evaluate your HR department’s needs, capabilities, and performance.
Outsourcing
Outsourcing isn’t new for HR. Many companies decide to outsource their Payroll functions as they expand from smaller teams. However, a growing trend is outsourcing more traditionally held HR functions. Possibly for your organization, tasks like benefits administration, training development and short and long-term HR projects could be other options. Likewise, outsourcing could be purchasing or creating solutions that allow your employees to self-manage certain functions. As a result of any outsourcing, your HR teams will be freed up to focus on higher functions could be money well spent.
Mobile Focus, Not Just Mobile Adaptable
According to a recent report from SimilarWeb, around 56% of traffic to websites is coming from mobile devices. Building solutions made for mobile use and not just reconfigured or adapted to mobile usage is becoming more crucial. Intuitive, customer-friendly apps are being built and HR shouldn’t miss this trend. Consider giving your employees the ability to punch in/out, complete training modules, set & track goals or manage retirement accounts on a mobile device. Leading companies make it easier to fill out an application or submit a resume through mobile optimized apps.
Real-Time Reviews And Feedback
The yearly performance review will likely never go away. But, it no longer provides enough relevant information to be the only source of feedback. As projects, deadlines and goals have shorter life-cycles, employees need ways to get and give feedback in a timelier manner. Consider products that allow HR teams to collect immediate data & evaluations on projects, processes, management, satisfaction, etc. Determine ways your employees can give real-time kudos to co-workers and leadership. Also, check out tools for your management teams to provide observations and evaluations during projects.
Acqui-hiring
Your Middle Market firm might be considering M&A for many reasons but one that is becoming more commonplace is Acqui-hiring. In addition to bringing competitors’ products, technology or innovations into the fold, you might want to consider merging with a company that has the teams you want, already in place.
Your HR teams perform extremely necessary functions in your Middle Market firm. Technology and process innovations are available to help support and expand your HR team’s capabilities and functionality. It might be time for you to consider some of these solutions.
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