Groundhog Day, the 1993 movie featuring Bill Murray, finds Phil Connors stuck repeating Feb. 2. Since technically there is no tomorrow, brash and egotistical Phil misbehaves repeatedly. If there is no tomorrow, consequences for today’s actions don’t exist.
As he’s forced to relive the very same day, Phil’s bad behavior escalates. But time remains the same — tomorrow is still today. As his conduct changes, Phil finds his kindness and compassion transform the way others see him. This self-discovery ultimately leads to the time loop’s end.
The beauty of Groundhog Day lies in the timeless lesson it portrays: A process must change for an outcome to change. The sentiment rings true in the HR world. The four HR mistakes below are ones employers often make but are worth reviewing as we celebrate Groundhog Day … so companies don’t get stuck erring time and time again.
1. Poor hiring decisions
Hiring the right talent is important. It’s also costly, so getting it right is important to the bottom line. Up to 80% of turnover can be attributed to poor hiring decisions. SHRM’s recent Talent Acquisition Benchmarking Report shows that a company’s typical hire costs an average of $4,425. The cost escalates to $14,936 for executives. And more than a quarter of employees and employers separate within the first year, compounding new hire costs.
Production can suffer, too. Thirty-seven percent of employers report lower productivity because of a bad hire. The right tools, including efficient employment screening software, can help ensure new hires are solid.
2. Missing the mark with ever-changing compliance standards
More than 450 government agencies currently exercise regulatory power over U.S. businesses. In 2020, the cost of meeting federal regulations reached $1.9 trillion, according to Competitive Enterprise Institute. Moreover, the events of 2020 generated complexities and regulations that have created even more work for leaders. The bottom line: Compliance can be overwhelming and costly.
Strategic leaders understand the importance of staying ahead of evolving and changing compliance standards. Keys to keep up include access to learning resources that inform workforces of changes and tools that reduce your company’s exposure to audits and penalties surrounding employment law.
3. Not giving employees insight into their paychecks
Today’s employees want to see and understand their paycheck. Employers can promote trust by giving employees the ability to review, verify and take action, if necessary, on their pay. Beti®, a best-in-class payroll solution, does just that. It saves time, reduces compliance risk for employers and increases visibility into the payroll process for employee peace of mind.
4. Lack of training and development
In November 2021, the U.S. Department of Labor reported an unemployment rate of 4.2%. Attracting and retaining talent are especially pressing in the current job market. A commitment to best practice training and development can set your company apart from the competition.
With some employers continuing to opt for remote and hybrid workplaces, committing to digital onboarding is more important than ever. A recent OnePoll survey of 1,000 American employees indicated 77% were frustrated with outdated technology at work, and 67% don’t believe their company prioritizes digital transformation. Additionally, 67% would be willing to take a pay cut to have software and technology that’s two times as good as they currently have.
Decades after hitting theaters, Groundhog Day remains memorable. The movie’s message is part of its ongoing appeal — positive change happens when we stop repeating avoidable mistakes. The right tools and talent mean these four HR mistakes are avoidable, too.
DISCLAIMER: The information provided herein does not constitute the provision of legal advice, tax advice, accounting services or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional legal, tax, accounting or other professional advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation and for your particular state(s) of operation.
