Newsletter 24-5: The Business Benefits of Investing in Your HR Team

HR plays a pivotal role in the success of your small business. It offers theopportunity to truly understand each employee, interact with leaders, andsupport our company's growth. But all too often, founders overlook the profoundimpact HR can have and relegate it to administrative tasks. It's time for us torecognize that HR is more than just payroll and recruiting.

If you want your company to grow, if you want to upskill your talent to meet growth objectives, and if you want to create an environment where employees are eager to invest their time and talents, then you need to expand your understanding of HR's responsibilities.

Here are three business benefits of investing in the HR department, which can positively impact both the top and bottom line outcomes:

1.     Improved Talent Retention: Investing in HR allows a small business to retain and grow high-quality talent. Through strategic HR components like workforce planning, job architecture and competitive compensation programs, this leads to higher employee satisfaction, lower turnover rates, and reduced recruitment costs. A strong and engaged workforce positively impacts the bottom line by increasing productivity, customer satisfaction, and overall business performance.

2.     Enhanced Employee Development and Performance: HR plays a crucial role in developing and nurturing the skills and potential of employees. Investing in training and development programs, performance management systems, and career progression opportunities through HR can lead to increased employee engagement and improved performance. When employees feel valued, supported, and equipped with the necessary tools to succeed, they are more likely to drive innovation, productivity, and profitability for the company.

3.     Compliance and Risk Management: HR professionals are responsible for ensuring legal compliance and managing various employment-related risks. By investing in HR, small businesses can mitigate legal and regulatory risks associated with employment practices, such as proper record-keeping, adherence to labor laws, discrimination, and harassment prevention. Avoiding costly legal battles, reputational damage, and fines are essential for both the top and bottom line of the company.

Fortunately, there are options available to enhance your HR that require only a small investment but yield significant returns:

1.     Assign a coach to your current HR team. By doing so, you will elevate their business acumen and organizational awareness, enabling them to provide greater strategic support to your business.

2.     Consider bringing on a fractional CHRO. This seasoned HR executive, with years of experience in small company growth, can guide you and help you avoid common pitfalls. They will stay abreast of the latest industry trends and ensure that your company benefits from the most up-to-date information. Moreover, they will serve as mentors to your current team in real-time.

3.     Engage an HR consultant to help build a stronger HR foundation. This will allow your current HR team to continue doing what they do best while also helping prepare for the next phase of your business.

We must acknowledge that it's impossible for one person or even a team of a few individuals in HR to know everything there is to know about the practice of human resources. Career progression often involves expanding our knowledge by only 10-15% in any given role. In small businesses, the day-to-day demands and priorities make it challenging to learn on the job. That's why it's crucial to provide your HR team with the opportunities to expand their skills, knowledge, and abilities through the solutions mentioned.

Without investing in your HR team, there simply isn't enough time in the day to handle tactical responsibilities, be available to employees, put out weekly fires, and acquire the breadth and depth of knowledge necessary to thrive.

If you want your small business to succeed, avoid issues, foster a healthy culture that attracts and retains top talent, and cultivate strong leaders for the future, it’s time to focus on your HR function. Your HR team can make a greater impact and contribute to your company’s success.

 

Forever the HR Advocate,

Carol Fraser, CEO

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