The competition among businesses is getting harder day by day. A higher level of competition is directly associated with a lower price advantage. In this case, companies might fall into a decline or stagnation trap due to a financial crunch. Creativity and innovation of recruited human resources can prove miraculously effective for businesses in increasing market competition. But the question is: how can such qualitative HR be captured? After selecting the right people, the optimal capacity building of the workforce is required. The few effective ways to achieve this goal of Human Capital Management (HCM) for ensuring greater employees’ ROR are discussed below.
Conducting Employee Surveys Periodically
Initiating the rate of return enhancement program through employee surveys is the best choice. Ask your employees what they think is reducing their productivity at the workplace. This survey can easily be distributed among your team via online channels. The questions that must be asked in a survey for addressing the challenges of lower productivity are:
- Level of happiness at work and what needs to be done by a business in this regard
- Level of satisfaction with pay, promotion, and capacity building policies of the company
- Level of work-life balance enjoyed in your current role
- Level of flexibility in working hours
Providing Flexible and Hybrid Work Options
In the post Covid-19 era, there are many employees who have developed a habit to work remotely as per the survey of the World Economic Forum regarding employed adults working in 29 countries, around 50% has developed a preference for working remotely. Many employees have started hunting for jobs offering remote work options to their employees. Retaining employees is really important for the success of any business; otherwise, a lack of retention by itself significantly lowers the employees’ ROR. Ergo, the business should offer flexible and hybrid work options to its employees to cultivate greater productivity.
Delivering Development and Skilling Resources
According to a survey, the companies investing heavily in capacity building of their human resource have experienced greater employees’ ROR. While the companies that ignore the capacity building of their employees have experienced lower employees’ ROR. The employees are always interested in upskilling and enhancing their career growth. This not only makes employees happier but also increases their productivity consequently. The good news is, with technological developments, businesses can offer a range of online courses at minimum cost.
Placing a Greater Focus on Creativity and Innovation
Setting inflexible routines and procedures for carrying out job assignments negatively impacts the engagement and productivity level of staff. This in turn discourages creativity and innovation.
Cultivating a culture that promotes innovation and creativity is the job of HR managers. They can do so by limiting the excessive bureaucratic formalities, delegating power to relevant human resources, making employees accountable for results rather than procedures, and giving freedom to employees to register their suggestions and complaints regarding the work environment.