Best HR Practices for business growth

1
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
the 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 when hiring remote teams or
an employee. For the EOR will co-partner with the
responsibility of implementing the best HR
practices for your business growth.
2
EOR (Employer of Record) services in India, an
ally for best HR practices Joining hands with an
Employer of Record in 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
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, and employee satisfaction, and
promote business growth. Heres 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 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. 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
3
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, and paid parental
and child care leaves. This will lead to better
employee preservation. 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, as putting in
time and effort to find the right talent. A study
conducted by the Society for Human Resource
Management suggested that a salaried employees
(senior executive) replacement is equal to six
months wages. This will impact your employee
turnover financially, cause project delays and
loss of productivity. 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, and 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. Sharing their knowledge and insights
will help your employees to achieve a common
goal. 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
junior, 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
4
into bettering their performances and identifying
their strengths. Evaluating your employees on
their performances and not connections will
motivate them to give their best. Being open to
feedback from all It creates a business in which
your employees will feel invested. 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. 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. 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. 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. 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.
5
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 organizations business
strategy will ensure efficiency. A good HR
strategy will make your employees 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 companys 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.