Top 3 HR Strategies for SMEs and Start-ups

HUMAN RESOURCE (HR) STRATEGIES

Most SMEs are owner-operated and their HR practices are relaxed with few possessing the skills to draft and implement human resource strategies. This always has adverse impact on performance outcomes. But SMEs face much more challenges in integrating human resource strategies for their businesses.

Challenges Experienced by SME’s

  • Lack of knowledge in implementing human resource strategies and employee retention
  • No budget in competency mapping – to provide training & development for employee growth
  • Time is mostly spent on growing the business that business owners overlook in aligning the organization culture with the employees

How KSMBOA can help?

Trainings to enable you or your employees

  • We will roll out training calendars for regular webinars by the best industry experts that will cover topics on Basics of Accounting, Best Practices of handling your Business Accounts, etc
  • The cost will be very nominal or free and there is no limit to the number of employees you would like to register

Talks from Industry Experts

  • Inviting subject matter experts to talk at our events covering the basics, best practises, do’s and don’ts on this subject

Talks from Industry Experts

  • Free assistance in drafting offer letters and appointment letters

Below is an article on the The 3 top HR Strategies for SME’s and Start-ups

Top 3 HR Strategies for SME’s and Start-ups

Understanding the latest human resource trends can make a world of a difference as far as SMEs and start-ups are concerned. Here are suggestions of the 3 top HR strategies specifically personalized to the needs and requirements of start-ups and small businesses.

1) Improve Employee Satisfaction

Business owners must understand that employees are their company’s greatest assets, and it is undeniably critical to make sure that they are satisfied with their position and role in the organization. Some potential benefits of taking care of your employee’s needs and wants are improved morale, high productivity, sense of commitment, loyalty, and lower employee turnover rates.

Employee satisfaction can be improved through several tried and tested monetary and non-monetary benefits aligned with the current financial situation of the company and its vision.

2) Outlining Fair and Unbiased Compensation Strategies

One of the perks of working for a successful company are its fair and unbiased compensation strategies because it is the one thing that dictates the fixed cost that the company incurs yearly as well as the satisfaction level of the work staff. When determining compensation levels for your company, make sure you look around and do some research on the latest compensation plans which are available by on a yearly basis by top recruitment companies.

It is also just as important to keep in mind that consistent compensation requirements must be established as per the pay grade to ensure all employees are compensated fairly and equally.

3) Design Effective Training and Development Programs

As an entrepreneur, your primary goals should be to increase employee retention and promote growth within the company by designing useful and effective training and development programs. The new employee orientation program is one of the standardized and common initiatives that must be implemented. This will not only carve a sense of commitment in the minds of the new employees in the beginning stage, but will also increase satisfaction.

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