HR Strategy – What does it involve?
Strategic human resource management supports long-term business goals with a premeditated framework for successful implementation. The process of strategic human resource management includes regular HR activities such as hiring, disciplinary measures, payroll, internal training opportunities and should in theory, involve working with employees in a collaborative manner to boost employee retention figures, improve the quality of the work experience for staff, and maximise the mutual benefit of employment for both the employee and employer.
How has the global approach to strategy within HR grown in popularity?
Technology innovations and usage are expanding at an unprecedented rate. Staff in large organisations are relatively used to seemingly well-planned ongoing employee development. But, organisations as a whole move at a gradual pace and many still have a structure that is severely outdated.
It’s these gaps among technology, individuals, businesses and public policy that are creating a unique opportunity for HR directors and managers to help leaders within organisations readjust to cutting-edge technology, supporting people to adopt newer models of career development, and support the organisation as a whole to comply and encourage positive changes within the workplace culture, required regulatory changes (for example ever changing financial compliance issues) and public/private stakeholder policies.
How does Fresh01 assess the approach to training strategies within HR?
Fresh01 provide services to help companies decide on an appropriate training strategy for them specifically – in their market sector, and according to the requirements of their region(s) within the world, as cultures are as diverse alike the cities across the world that host global companies.
Client research and internal surveys are often ready-made to provide an insight of the perception and value of a company’s processes regarding their chosen training activities. They give a testimony of the efficiency of these training methods controlled by HR departments and how they can shape the implementation of future corporate culture changes. In addition to this work, we use quantitative benchmarking is used to interpret the cost and size of an organisation’s training formation. This is carried out in such a way that provides the client with a broad overview of their training efficiency/performance against their competitors in the same sector.
Furthermore, we have the ability to analyse the activity the client’s training arrangements to assess whether it aligns with their long-term goals. Overall, this method helps decipher whether the company is spending the correct amount of time and money on the suitable activities.
Implementing strategy to influence company culture
At Fresh01 we believe that company culture is single handily one of the most important elements for operating a large organisation. If communicating mission statements and objectives for a large corporate are not executed properly, then major HR issues arise, and potentially push the business into an uncertain position. By exercising a training strategy bespoke-produced for the client, this ensures staff are much more likely to become increasingly motivated in their contribution to the organisation over time, in turn developing their quality of work produced day-to-day. This is essential for a business as motivated workers are a key component for success.
A good line of communication should always be maintained throughout the workplace – with all staff and stakeholders. This cultural value will have a direct effect on the efficiency of the organisation, as it means training objectives implemented can help counter mistakes and misconduct among staff bodies. Mistakes and misconduct occur when there is no communication between staff members, whether that means in the office or across the globe.
As a result, poor communication negatively impacts the levels of performance, meaning employees feel accountable for errors which could have been prevented. Whereas, with a good line of communication and cohesion; global companies with many staff that work whilst travelling on business are able to maintain constant reporting and dissemination of vital updates in business operations. Those that do not have this communication do not have the same abilities, thus fall behind their competition that does.
Technology growth and strategy implications
The bespoke-produced strategies provided by Fresh01 will help the client to best prepare for future technology investments. This will offer a unique opportunity to deliver radical change to bad practices, and enforce good ones. Once a strategy has been developed for the client based on their desired outcomes, they can likely benefit from reduced costs, a better workforce experience for everyone involved and business wide strategic improvements.
The metrics and assessment of training strategies
Here at Fresh01, we use training metrics as a vital way to evaluate the cost and the impact of ongoing training strategies. This aids the measurement of success/failure of premeditated objectives. Operating any business means there is always going to be a certain amount of employee turnover (both voluntary/involuntary) which is going to lead to money and resources being lost as recruitment is in any way, shape or form a costly exercise. Fresh01 incorporate an action plan to progress in areas such as turnover, training, return on human capital, costs of labour, and expenses per employee. Organisations around the world are constantly looking for cost-effective ways to distribute training to their employees. For example, an initiative could be to reduce the costs of training meaning that expensive physical venues aren’t hired for coaching and teaching. In 1999, IBM managed to save $200 million in their training budget when they delivered five times the learning at one-third of the previous cost. With a 25% conversion rate to e-learning, Rockwell Collins reduced training expenditure by 40%.