Best HR Practices for business growth
Best HR practices play an important role in your business expansion
plan. Making use of a good HR strategy will help in delivering quality
business execution. A good HR practice is as relevant as sales and
marketing strategies of your company. Your employees are ultimately
your biggest asset, and when you treat them well, they will reciprocate
in a way that will take your business to the next level.
Partnering with an EOR (Employer of Record) or PEO (Professional
Employer Organization) in India will be beneficial for you while hiring
remote teams or an employee. For the EOR will co-partner the
responsibility of implementing the best HR practices for your business
growth.
EOR (Employer of Record) services in India, an ally for best
HR practices
Joining hands with an Employer of Record India will take the
administrative load off your shoulders. They will become your
on-paper employer for your resources. The EOR will look after HR
related employee activities, local compliance and their payroll. A good
EOR will work on creating a mutual understanding and most
importantly employ the best HR practices for your business growth.
Best HR Practices for business growth
Adopting the best HR practices is important for your business. It will
improve your work culture, employee satisfaction, and promote
business growth. Here’s looking at why adopting healthy,
employee-centric HR practices is good for your business growth.
Here are some of the best practices you can consider:
1. An open-door policy
Creating an approachable environment is important for your
employees. An open-door policy will encourage transparency in your
business. It will give your employees easy access to senior
management. It will give them a platform to talk about their ideas and
work-related issues. You can then offer them solutions accordingly by
addressing their issues rightfully.
Also, implementing an open-door policy will not make your employees
feel undervalued and search for better job prospects elsewhere.
2. Emphasis on creating a happy workplace culture
When you provide your employees with a comfortable work
environment, it will boost their mood and morale. Building a strong
organizational culture will motivate them to come to work, instead of
being forced to. You can make their life more convenient by providing
them with free healthy meals, office transportation, paid parental and
child care leaves. This will lead to better employee preservation.
3. Rewarding their performance with bonuses and other
perks
When you reward employees for their efforts with bonuses and other
perks, it will make them feel appreciated. This will encourage them to
stay in your company and ultimately enhance employee retention.
The process of finding a replacement is as tedious in terms of cost,
putting in time and effort to find the right talent. A study conducted by
the Society for Human Resource Management suggested that a
salaried employee’s (senior executive) replacement is equal to six
months’ wages. This will impact your employee turnover financially,
cause project delays and loss of productivity.
4. Sharing resources and knowledge
When your employees will work together as a coherent team, it will
encourage them to achieve a common business goal. You can
implement strategies like maintaining a knowledge base data, storing
inputs and takeaways of employees. Especially after attending
seminars, webinars, and skill development programs are a great way
to a systematic knowledge preservation approach. By sharing their
knowledge and insights will help your employees to achieve a common
goal.
5. Encouraging a neutral evaluation system
The approach of giving a neutral evaluation system will give your
employees the confidence to continue putting in their best efforts. All
juniors, mid, and senior-level executives should be evaluated fairly.
They should be given appropriate and constructive feedback as well.
Also, encouraging cross-functional feedback will give your employees
an insight into bettering their performances and identifying their
strengths. Evaluating your employees on their performances and not
connections will motivate them to give their best.
6. Being open to feedback from all
It creates a business where your employees will feel invested in. The
employee feedback is one of the most important data sets in your
company which can be determined by conducting employee
satisfaction surveys. Following this practice will ultimately help you
gain trust and make your employees feel valued as well.
7. Encouraging innovation and new ideas
This HR practice will promote a healthy work culture in your company
that will encourage innovation and new ideas. When your employee
feels they can contribute, and their suggestions are respected, it
motivates them ever more to deliver well. This is essential for your
business growth.
8. Discouraging seniors from favoring their favorites
You should ensure there is no room for discrimination or favoritism. It
will pit colleagues against each other and hamper team bonding. This
will create a toxic work environment and affect business growth
ultimately.
9. One rulebook to rule them all
You should ensure that your company follows one rulebook for all.
Irrespective of the position or designation, following the same
rulebook, is as important as adopting best HR practices. Regardless of
the position they hold, everybody in your company should be treated
equally and fairly.
10. Key to a happier work environment
The key to creating a happy work environment is to encourage your
employees to be involved at work. You should motivate them to
participate in different work activities and team-building exercises.
You should also encourage them to find solutions to end conflicts.
Google, Zappos, Warby Parker, Chevron, Twitter, and Facebook are a
few examples of companies that avoid micromanaging, prioritize
employees’ well-being and create a friendly work culture environment.
Adopting the best HR practices will help your business deal with
attrition, encourage employee satisfaction and in turn improve work
productivity. Aligning these HR practices with your organization’s
business strategy will ensure efficiency. A good HR strategy will make
your employee’s lifecycle a fulfilling one.
Remunance, your co-partner for implementing the best HR
practices
Our mission at Remunance, as an EOR service, is to offer you the best
of both worlds. Our intention is to create a winning team culture for
your foreign company through an ideal selection process. Our team of
HR professionals will find the right fit who will contribute to your
business growth. We follow a structured recruitment process to
improve hiring efficiency.
We will shoulder your employee responsibilities as we have an
in-depth knowledge of the trends in employee and HR policies in
India. We ensure every employee aligns with your company’s
objectives and policies.
Our EOR services will handle HR support, employee training and
recruitment. Our expert team of accounting, HR, and legal
professionals will handle employee taxation, employee benefits and
salary processing. We have a fully transparent and self-servicing
employee portal. We know the Indian pulse well and will tailor the
best HR practices for your foreign business company.
To know more about our HR offerings, click here.
