Implementing a new HRM system isn’t a case of turning on the power of a new software system and ticking the “done” box. If only it was that easy! It comes with detailed planning, analysis and application of HR best practices to ensure a successful outcome. Here we look at the best HR practices for effective human resource management strategies.      

The Value of Best HR Practices

Applying industry best practices is invaluable for all organisations. As business landscapes evolve, so too should our approaches to HR. More businesses are to maximise team efficiency. Effective human resource management strategies are more critical than ever as companies aim to gain an edge over their competition. 

Here’s where true value lies—adopting best practices gives you the edge over your competition. It maximises efficiency, and productivity, increases employee morale, promotes innovation and encourages collaboration—elements of all Fortune 500 companies worldwide. When a company invests heavily in HRM and applies best practices, the opportunities for success grow exponentially. Who doesn’t want exponential growth?

Best HR Practices to Follow in 2024

We’ve compiled 9 of the best human resources practices to get your business ahead in 2024. These cover the practices that are part of human resource management. 

Invest in the Right Technology

Like any investment you make, preparation is key. Do your research and look at features and functionality your company needs now, and what it may need in the future.  The software should be intuitive to learn and to work with, covering essential areas, including:

• Payroll
• Reporting and analytics
• Employee records
• Workflows and approvals
• E-signatures
• Applicant tracking system
• On and offboarding
• Time tracking
• Employee satisfaction
• Performance management 

Happy HR has been improving human resources for companies big and small, providing everything you need to support human resource management best practices. 

Streamline the Hiring Process and hire the Right People

The best candidates are the ones who have the skills and are a suitable cultural fit.  Choose best practice strategies such as panel interviews, quality job ad postings and internships to secure the most capable people. 

Effective Onboarding, Training and Development

Invest in ongoing training to keep your employees’ skills industry-relevant. Once you’ve hired your perfect candidates, you need to encourage a “continuous learning” culture across the organisation. Investing in this approach now will pay future dividends many times over!

Create Self Managed and Effective Teams

Encouraging self-managed, effective teams is a transformative approach for HR. It boosts overall productivity, sparks employee engagement, nurtures adaptability, and liberates HR resources for strategic initiatives. Allowing teams the freedom to make decisions independently fosters innovation and contributes to leadership growth within teams. This approach enhances communication, significantly uplifts employee satisfaction, and ultimately curbs turnover and associated HR expenditures. 

Self-managed teams are the future in effective human resource management strategies.

Compelling and Competitive Performance-Based Compensation

Reward your employees for their expertise through competitive industry salaries.  Get this right and you have the basis for motivated employees. 

In addition to base salaries, variable pay and incentives play a huge role in a compelling compensation structure. Employees have opportunities for higher earnings and recognition, plus can feel more connected to the organisation and its success. 

Build an Inclusive Company Culture

Go beyond the company-branded stationary and happy hour drinks as token ways towards building company culture. A workplace focused on collaboration and engagement is more likely to build a work community that is connected and invested. Allow people to come to work as their authentic selves by embracing diversity and openness. An inclusive company culture leads to employee satisfaction and retention.

Motivate Employees With the Right Incentives

Studies show that salary compensation loses its motivational incentive for employees beyond a certain level. We can see this in terms of Maslow’s hierarchy of needs, where salary can be seen as the most basic level within the triangle. When the baseline of fair financial compensation is met, the next level of motivation comes from mastery and a sense of purpose. 

Update your HR policies and practices to include creating a positive company culture, opportunities for learning and development, clear career progression paths, succession planning, and recognition for exemplary work. Do this, and you’re more likely to have employees invested in the company, not just their pay packet.

Resolve—and Avoid—HR Compliance Issues

Review your current policies and procedures to ensure they are up-to-date and effective. Provide regular training to all staff emphasising the importance of preventing discrimination and harassment in the workplace.

Seek out HR support services to fine-tune your HR policies and practices, and regularly audit these for continuous improvement and quality assurance opportunities. 

Make Information Easily Accessible and Relevant

HRIS systems provide access to detailed reports on employee performance, and key metrics for reporting. They maintain, manage, and process detailed employee information and human resources-related policies and procedures. This is a key measure in improving human resources team management for your organisation.  

Next Steps for Implementing These Best Practices Successfully

Plan out your implementation strategy using these principles as a guide:

Define how HR delivers value for your business

Map out all elements of how your human resource management practices align with ROI and the company’s success. These can include talent retention and performance management, as well as the impact of company culture on the business.

Keep a pulse on emerging trends

This includes human resources practices, regulatory requirements and technological changes to your industry.

Conduct a SWOT analysis

This technique lets you focus on current Strengths, Weaknesses, Opportunities and Threats, giving you a holistic view of effective human resource management strategies and decisions.

Management buy-in

Support from your Executive team is crucial to a successful implementation. If they recognise the benefits, they will rally behind the cause and make it happen. Also, look at hiring a Change Management consultant to help your company transition to the new HR landscape.

HR team upskilling

Invest in training and development so your HR team can manage the change to a new HRIS and industry best practices.

Post-implementation review and monitoring

Use key performance metrics to monitor whether the implementation is meeting all key targets. Reporting from your HRIS is crucial to understanding at both macro and micro levels how your HR teams are operating. Make continuous adjustments to your human resources guidelines and test them out. Make reporting and quality assurance a regular function of your HR systems and teams.

Remember that Happy HR is happy to help your business implement these best practices. Contact us through our Premium Support Service to find out more.  

Innovate, Integrate, Elevate: The Future of HR Practices Unwrapped