Develop the HR Strategy for 2018 with these 5 Steps Ways to develop perfect components of Human Resources for smooth functioning of your organisation in the coming financial yea
By Payal Sondhi
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Every organization starts implementing a renewed corporate strategic plan the minute the new fiscal year begins. A good annual strategy for the coming year from the HR manager helps align the organization's human capital with its year's overall targets and objectives resulting into the desired ROI in a cost efficient manner. Let's go backward and look at how the HR manager can develop a well-rounded strategy for the organization.
HR Audit – To begin with, conduct an HR audit. This will give you a comprehensive outlook of your current processes and also help you in identifying gaps, if any. The audit should comprise a detailed assessment of all your policies and procedures. Based on this study, HR should present the findings on what has worked in FY 17-18 and what didn't, which policies & processes have become obsolete and need changes and which ones should be taken ahead in the next fiscal year. This will also make you aware of whether all the policies and procedures are followed strictly or if they need be implemented more strongly. The audit will evaluate all the components of Human Resources to give a clear picture of the changes that are required forming a base to create your 2018 HR strategy.
Review Metrics – Review your HR metrics, measure your successes and identify the actions that did not give the desired results in 2017. Check as to where all the projects stand with respect to the targets set at the beginning of the year, identify the reasons behind the missed targets and work out an action plan to rectify them. This will help examine the complete performance from the last fiscal year giving you an outline of the practices that are effective and the ones that need to reworked upon.
Research HR Trends – We all know that over the last decade HR has evolved as a strategic partner which means there has been a constant change in the sector - new trends, new developments, etc. For e.g. artificial intelligence is now an integral part of the sector when it comes to recruitment as compared to the past where the methods were more traditional. Research on the HR trends for 2018 and look into as to how you can incorporate it in your strategy and capitalize on them. This should be done while keeping in mind the budget and company's individual requirements.
Consult your Department Heads and Employees – Where it's difficult to address every need or issue, HR managers should still have an idea of potential areas of focus based on defined priorities; and also do a proper manpower planning as to which department needs more resources in order for them to be more productive and then include that in the HR strategy. You can do that by getting feedback on the appended questions:
The hiring needs for every team
The training requirements for 2018
Any pending issues that need to be addressed
Post the meetings with your department heads, speak to other employees in the organization through online survey/offline meetings. The feedback you receive will help you with not only dealing with current concerns but also help shed light on probable concerns. You can do the online survey anonymously for a more honest and concrete feedback.
Incorporate the organization's Mission and Vision – Every organization has their individual vision and mission statement. Every process in the organization especially the ones of the Human Resources should be executed in a manner that it paves the way forward for the mission and the vision. Your HR strategy should also be developed keeping this in mind, for e.g. if one of the values of your organization is sustainability, you could incorporate employee engagement and talent management in your strategy. This will not help you improve the corporate culture but also align your strategy with that of the organization's assisting with the overall goals.
Once you have all the relevant data and information, develop a HR strategy using your most compatible planning model which will address the organization's needs and also prepare you for any challenges that may emerge in the new financial year.
