5 Innovative HR Practices

on October 31 | in Business | by | with No Comments

The field of Human Resources is continuously evolving with an increased focus on purpose and activities that add value to the organization as a whole. 

Numerous innovative HR practices have emerged over the past decade. These practices have served as guidelines for HR professionals all over the globe. But what are they, and what makes them so important? Read this article for 5 innovative HR practices.

#1 – Selective Recruitment

As an HR professional, it is your responsibility to get those people on board who will add value to your organization. Hiring a top-performing candidate can increase your organization’s productivity by up to 400 percent, irrespective of the industry you operate in or the job role you’re looking to fill.

One way to implement the practice of selective recruitment is by utilizing digital tracking. Digital tracking gives you insights into important recruitment metrics, such as which hiring sources are sending the most appropriate candidates to your organization. This, in turn, lowers the probability of employee turnover, thereby boosting organizational productivity.

#2 – Focus on Skill-Specific Training

Once you’ve onboarded the ideal candidate for the role, you will have to continuously train them to stay updated with the evolving business and technology trends. A one-off training program is not effective in upskilling or motivating employees.

A key practice that HR professionals need to implement is skill-specific training. Make sure that the training programs you conduct focus on teaching skills that are aligned with the company objectives and work requirements.

#3 – 360-Degree Performance Management

The traditional practice of holding an annual performance appraisal meeting between employees and managers has now become outdated. This once-a-year meeting is not sufficient to achieve actual performance improvements.

A 360-degree performance management system focuses on obtaining relevant feedback from different stakeholders, including supervisors, managers, subordinates, colleagues, etc. It’s a great way to get a holistic view of an employee’s performance from various sources throughout the year.

#4 – Performance-Based Bonuses

Awarding performance-based bonuses or having a variable component in compensation is a great way to incentivize and motivate employees. However, if these bonuses are not properly administered or the criterion to receive them is not effectively communicated, they can disillusion employees.

HR professionals need to design bonuses in a way that employees clearly understand the payout criteria. A payout can be awarded on factors including individual performance, team success, and the organization’s profitability.

#5 – Self-Managed Teams

Self-managed teams hold everyone responsible for the organization’s success by giving them some level of accountability for their performance. This simply means that no individual team member is fully answerable for the whole team’s performance. Rather, every team member collaborates to work towards a common goal, with team members taking turns to lead projects for which they have the relevant experience and expertise.

Last Few Words

When implemented, these innovative HR practices form the basis of a strong functioning HR department. However, you need to make sure that whatever practice you execute is aligned with your organization’s goals and objectives.

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