3 HR Duties That Produce
The Highest Return For A Business
- Word count: 440
- Approximate time to read: 1.8 minutes @ 250 words per minute
If you are in charge of HR for your organization, we have listed below three HR functions that typically generate the highest return for an organization. They are:
#1: Staying Compliant With All Federal, State, And Federal Laws:
The #1 thing your business should do is stay compliant. Although you don’t need a full-time person on staff to handle compliance, you do need to have some key HR knowledge about the DOL’s Fair Labor Standards Act, i.e.:
- How to pay an employee.
- How long you have to keep an applicant’s resume on file.
- How to accommodate a disabled employee.
- Can your business require someone to work on a religious holiday?
- How long you need to hold a job open for a new parent.
By the way, U.S.-based companies have at least an 11.7% chance of having an employment charge filed against them. And according to many experts, the average lawsuit costs $125,000 to defend.
#2: Hiring Talented People:
If you intend to maintain five people on staff for the next few years, hiring isn’t crucial. However, if you plan to hire five more people in the next 12 months and three more after that, spending time on hiring talented people will produce a wonderful ROI as a vacant position is lost productivity.
The bottom line: If you want to hire the right person, it takes time to find a talented AND engaged person. Here are some third-party articles to read:
#3: Invest In Your Company’s Culture:
If you want to have a profitable business, you need to have an engaged staff. To help you address this issue, we recommend having an engaged and compassionate management team. Remember, a disengaged employee will be a huge cost to your business and engaged employees work hard and typically don’t quit.
- 20% of all employees leave their job because they are not happy anymore.
- It costs companies 33% of an employee’s annual salary to replace them.
Fixing your company’s culture will save you a fortune in turnover costs. Additionally, it will increase your team’s ability to stay productive.
Your company’s HR team is responsible for creating and implementing key policies for all employees. And now that you understand the importance of HR, why not spend more time listening to their suggestions to ensure their value is even greater to your business.