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Want to Drive Profits? Start with HR
From churning to onboarding and contingent staffing, here are seven ways human resources can fuel your company's topline growth: 1. Hire, train, and retain revenue generators. Top revenue generators should be encouraged throughout the employee "life cycle":
2. Churn your talent pool. Institute a process for quickly identifying, rehabilitating, or releasing poor-performing employees, while simultaneously identifying and cultivating pipelines for top candidates. Employees who consistently perform below average should be released, while top performers are "swapped" into the newly open positions and encouraged to develop and improve their revenue-generating abilities. Churning your talent pool in this way offers two benefits:
3. Move your people proactively. The well-known "Peter Principle" states that employees tend to gravitate into positions for which they are actually incompetent: they are promoted until they cannot excel, and there they stay. Fight this pull by:
4. Build your own team of "first responders." When revenue problems arise anywhere in your organization, HR should be prepared with a team of specialists that can act as "emergency first responders." Team members should know how to identify and address staffing-related causes of revenue generation problems, and they should have the power to address those problems in the most effective manner. For best results, keep your "first responder" team communicating regularly with your staffing partner. First responders should contact the staffing partner when problems are anticipated or identified and give a clear overview of the problem and the people and capabilities needed to address it. Open communication allows the HR team full access to the staffing partner's expertise, and it gives your staffing partner the information needed to find the best solution. 5. Maximize onboarding efficiency. Even a strong strategy for identifying and hiring top candidates will get bogged down if the onboarding process is a slow one. Make yours run like a well-oiled machine:
6. Don't forget contingent staff. Contingent or temporary workers may not be "employees" in the traditional sense, but on the revenue-generating team, they are equal players. Choose contingent workers based on their ability to generate revenue, and don't hesitate to "churn" the contingent or temp-worker pool in order to keep revenue goals on track. Make your company's revenue goals clear to your staffing partner, so he or she can choose candidates who are best suited to give your organization what it needs. 7. Support the support team. Once a year, interview your top revenue producers. Ask them which members of the organization's support staff most directly helped them achieve their goals or contributed to results. Then, publicly recognize the contributions of these staff members and reward their efforts. By doing so, you'll foster a sense of teamwork and encourage other members of the support team to increase their own efforts toward revenue-producing projects. You'll make it clear among your employees that when revenue increases, the results pay off for everyone. Not certain where to start driving company profits through talent management? Talk to your company's staffing partner. Recruiters specialize in understanding HR needs, goals, and potential like no other experts; this expertise can be leveraged to make a big impact in a key portion of your operations. |