The secret is out: to be the strategic leader your business needs, follow these three best practices.
- Know your business in addition to the business of HR. To really know the business inside and out you must be able to answer questions like,
- How does our organization make money?
- What are our costs?
- What does our business strategy look like?
- Do we have the talent to execute this plan?
The good news is that most HR professionals know these answers, but now is the time to act on them.
- HR professionals have to know a lot about hiring, training, payroll, administration, engagement and the list goes on. Somewhere on that list, HR should also be able to identify these five metrics:
- cost-per-hire
- turnover rate
- retention
- accidental costs
- compensation expense per employee.
CEOs across industries have identified these five HR metrics to be pivotal measures of efficiency, and so they should definitely be on your radar, too. If you can communicate the findings for each of the aforementioned metrics you stand to positively impact the company’s bottom line and that puts you in a strategic seat across from the CEO.
However, it isn’t enough to provide data points. A strategic professional takes it one step further by offering a solution.
- Being solutions-oriented as opposed to enforcement driven puts you in a better position with colleagues and C-level executives within the organization.
HR ten years ago was vastly different than what it is today and today’s HR will look completely different ten years from now. That’s because the role of HR is constantly evolving to meet business demands. Now is the time for a more strategic HR. Following these three steps can help you get there.