When it comes to running a successful business, staying current isn’t as simple as knowing the latest emoji. The most successful business leaders work to stay au courant with the latest trends, because they know that failure to do so puts them at risk of obsolescence. And, if you want to know what’s next, there’s hardly a better place to look than at what start-up companies are doing. Nowadays, these young, aggressive companies make up for having less staff and funding by employing innovative thinking, adoption of new technology, and by mining insights into what’s trending. We’ve collected some of the latest ideas to help inspire your HR administrators as they begin thinking strategically about 2020.
Embrace technology, analytics, and automation
Take a quick look around your desk. How much time and paper would you save if those stacks of documents were digitized? Could you accept more e-signatures? Is your employee handbook available in a digital format? Is your office still scanning ink signatures or accepting faxes? Not only do some of these methods slow down productivity, but they may actually impact an employee’s or customer’s perception of your business. No one wants to work in an office that looks like it popped right out of 1975. Likewise, nobody wants to do business with a company that has lost touch with the modern world.
Think for a moment about your business’ staffing needs. How are hiring decisions made? Are there analytics to support new job openings? Was there a measurable productivity gap? Predictive analytics may allow your company to stay ahead of the curve of productivity, economic factors, or expected turnover. Fact is, you likely have the data to analyze all of these metrics. Consider how you might access and parse those data sources.
How much of your time is spent on repetitive and manual tasks? If your company experiences an influx of hiring or staffing questions, consider leveraging an automated chatbot. This tool operates from your website and can be used to qualify candidates or route inquiries to the proper channels. Is there a series of onboarding documents required for each new hire? Consider an email automation tool that includes all the required documents paired with an e-signature tool. Once set up, your new hire onboarding process may be reduced to a couple of clicks.
The legal landscape
New laws and regulations are on the horizon in 2020 that may shape the way your business operates. Legislative updates at the state and federal level should be reviewed for compliance within your organization.
A new federal overtime law taking effect on Jan. 1, 2020 will impact 1.3 million Americans, according to the U.S. Department of Labor. The rule was last updated in 2004 and raises the minimum salary for overtime pay from $23,660 to $35,568 per year.
Some states, counties, and cities are also banning employers from demanding an applicant’s past wage history. Alabama enacted a law in 2019 that prohibits hiring discrimination based on past income, and California has banned wage questions specifically.
Your business may not be immediately impacted by labor laws in California next year. However, these progressive statutes often shape the national conversation around regulation for years to come. The state is looking to ban mandatory arbitration agreements as a condition for employment. Another law, known as the California Consumer Privacy Act (CCPA), may greatly impact the way your company handles and stores employee records.
Recruiting for company culture
Your current employees embody your corporate culture and your staff drive the work environment for the business on a day-to-day basis. Company culture will continue to be important for attracting top talent. Highly-engaged and effective employees can also help recruit new applicants. By using a referral program, you can encourage top-notch staff to recruit other talented people they know. According to a recent survey, 82% of employers rated employee referrals above all other sources for generating the best return on investment. Conversely, only 69% of employers reported having a formal referral program.
We can help
Employers that offer professional development opportunities, hire internally, carefully cultivate their company culture, and layer accountability through training often find themselves in a position to build on past success with an eye toward the future. Management training and succession planning can benefit an organization for many years to come. Our experienced team of HR professionals can help managers unlock the hidden potential for staff in surprising ways. At SourcePointe, we utilize our industry experience to provide you with a multitude of customizable HR services, support, and solutions. All so your business can do one thing – more business. We’ll provide tailor-made solutions that fit your company’s needs while providing a solid return on your investment that pays off immediately – and for many years after that.Back to Insights