You are here: News >

The Importance of Having a HR Strategy

 

 

 

 

 

We often think that a HR Strategy is something that only large organisations have in place, but that should not be the case. A HR Strategy is critical for all types of business – be it start up, SME or larger corporation. Many studies have shown that companies who have well defined HR practices that align with the company’s business goals achieve greater results, improved financial performance and a more engaged workforce. Companies without a clear people plan are at risk of losing or never creating a competitive advantage. 

There are many different types of HR Strategies, but fundamentally, they are all based on the same principle of ensuring that the organisation can attract, engage, motivate and retain productive employees.  The key to a successful HR Strategy is understanding your business goals and ensuring you develop a clear people plan that will help you deliver the outcomes you need to be successful.

A cohesive strategic approach to attracting, managing and motivating your people will provide better engaged employees and ultimately aid retention. Having an appropriate HR Strategy in place means you are saving significant costs which can include the cost of having disengaged employees in the workplace, increased sickness or absenteeism and the cost of replacing employees. These potential cost savings along with the other benefits, such as increased profits and productivity provide a strong basis for developing a robust HR Strategy.

A good HR Strategy will identify and priorities the interventions that are appropriate to the size of your organisation (small, medium or large), the phase of growth of the business, the company culture and the financial resources available.

Voltedge can help you develop a pragmatic HR Strategy that will be relevant to your business, its industry and culture and will be designed to deliver practical and cost-effective solutions for your people. Call Ingrid on 01 5252914 or email info@voltedge.ie to speak to an expert.

Tags: , , , , , ,