The term “human resources” is not limited. A company needs to maintain a strong identity of human resources to properly function, including traditional services such as compliance, benefits management and employee onboarding, as well as the talent management side of HR.
Many leaders may underestimate the complexity of human resources, and legal pitfalls can arise if they’re not staying on top of industry regulations. Remaining compliant with both your employees and your specific industry is necessary in avoiding heavy legal fines.
Talent management is one of the most undervalued services of HR, and businesses often overlook this component of strategic planning. Employees are your company. Because talent management is one of HR’s core business functions, businesses must evaluate how they manage talent to adequately support their employees, especially as new generations enter the workforce. Talent retention is just as important as employee recruitment. Employee turnover can be expensive, and losing a skilled, highly-trained employee can cost a company upwards of 100 percent of their salary. Employee turnover also can lead to reputation issues, potentially repelling qualified applicants in return.
Human resources systems handle the dynamic needs of the workplace, reducing or replacing hours spent on employee monitoring, tracking and analyzing employee data such as time sheets, time off, bonuses and other personnel data functions and instead allotting more valuable time for training and development.
The bottom line? HR is vital to the success of your business. Adams Keegan can work single-handedly or alongside your human resources department to ensure these services are being carried out appropriately. The HR experts at Adams Keegan can integrate a balanced focus on policy and/or legal issues, but also incorporate the time, talent and energy of employees – all of which are essential to long-term business success.
This blog post was adapted from Entrepreneur.