Revamped HR Strategies At The Beginning Of New Financial Year

While the industries across the globe change with the ever increasing technological innovation and market scenarios, the companies are in forever need to formulate new business strategies to keep up with the competition. HR strategies have become one of the vital areas of business which is currently the deciding factors towards growth and stability in the long run.

Among the most popular HR trends, partnering with employment agencies for hiring candidates was a significant development during the last year. But this was mostly restricted to private firms. This year, even the government bodies engaged private employment agencies for hiring government officials. This step can be seen as a major demographic change in the HR strategies segment. Other than this there are a certain areas wherein new HR strategies are being brought in to enhance the workforce performance and work towards employee retention.

  • Workforce surveys

Implementation of workforce surveys is being looked upon as a new method of channelizing fresh and creative ideas to the management and to encourage employees to speak their mind. These surveys will also be used to understand the performance stand point of an employee by understanding the needs and restrains received by the individual. Depending on these surveys further plans and programmes are to be developed.

  • Contribution of leaders in the diversified segments

Due to ever changing business environment, the contributions of the management people have been restricted to their line of operations in the past years. This resulted in the containment of valuable suggestions and ideas as per the HR heads. They now believe in bringing the entire management board under the same roof. This will enable every individual to contribute towards the business as a whole instead of focusing on a narrow line of operations.

  • Channelizing the staircase learning and development scheme

It is a common trait that some employees tend to be better performers than others. The learning and development sessions are intended for knowledge gain which should flow within the organization. The HR professionals believe that instead of training an entire batch on a subject a few top performers should be trained and then they will impart that knowledge to others. In this way, there is chance for better knowledge flow and development of management skills.

  • Lastly, working towards employee retention

HR professional believe that instead of long term benefits, short term acknowledgement of performance is likely to be seen in this financial year. Giving out long term benefits is a constructive step, but short term recognitions through rewards and appraisals is expected to create more impact towards employee retention. This also increases the trust bond between the management and the employee and work as a motivation to seek for better performance.

Hence these are the top HR strategies which are likely to be seen in the new financial year. GlobalHunt, a premium HR service provider has been successfully assisting its clients towards best HR practices for more than a decade. Please visit our website for further information.