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 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 while hiring remote teams or an employee. For the EOR will co-partner the responsibility of implementing the best HR practices for your business growth.

EOR (Employer of Record) services in India, an ally for best HR practices

Joining hands with an Employer of Record 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 their 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, employee satisfaction, and promote business growth. Here’s 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:

  1. 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.

  1. 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 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, paid parental and child care leaves. This will lead to better employee preservation.

  1. 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, putting in time and effort to find the right talent. A study conducted by the Society for Human Resource Management suggested that a salaried employee’s (senior executive) replacement is equal to six months’ wages. This will impact your employee turnover financially, cause project delays and loss of productivity.

          4. 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, 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. By sharing their knowledge and insights will help your employees to achieve a common goal.

5. 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 juniors, 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 into bettering their performances and identifying their strengths. Evaluating your employees on their performances and not connections will motivate them to give their best.

6. Being open to feedback from all

It creates a business where your employees will feel invested in. The 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. 

7. 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.

8. 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.

9. 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.

10. 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.

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 organization’s business strategy will ensure efficiency. A good HR strategy will make your employee’s 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 company’s 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.

To know more about our HR offerings, click here.