Whether you lead a small entrepreneurial business, a non-profit organization comprised of a few staff or a business with over 100 employees, success will be more difficult to attain without a business strategy that aligns your human capital to the growth plan. While this may not be a revelation to many of the readers, how to get there is sometimes illusive.
Business leaders usually believe they understand how to manage the people side of the business because it is their vision that is framing the roadmap for success. However, they may have also found out the hard way that their businesses can be crippled by a lack of understanding of the very fundamentals of Human Resources.
How many of you have lost critical talent because of poor management, competition in the marketplace, lack of promotional or developmental opportunities or even possibly a poor workplace environment? With every business leader watching the bottom line, an integral piece of the plan for the business is an HR strategy that focuses on the three R’s (recruit, reward and retain). The cost of turnover has been well documented over the years – between 150 to 250 percent of the total compensation, depending on the position of the employee.
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