Are you taking the right steps to ensure your organization’s success?
Amid the current unsettled business landscape, you may be facing unforeseen dilemmas and harsh new realities. Perhaps employee turnover is exploding and morale is faltering. You might be trying to balance escalating consumer demand with serious fulfillment shortages stemming from ongoing supply chain issues. Today’s uncharted waters are causing business leaders to second-guess their efforts and seek innovative new strategies for improvement. One often-overlooked aspect of business success involves the HR function and HR audits. Many companies don’t realize the significant impact it can have on the bottom line.
While financial audits are conducted regularly, human resources responsibilities like recruiting, training, and performance evaluation are rarely given the same scrutiny.
Please read on for some valuable information about HR audits and how they can be used to enhance the health of your organization.
Risk mitigation
Employment laws and regulations are ever-changing and company needs are dynamic, as well. It’s no wonder many organizations simply can’t keep up. An HR audit can proactively identify and reveal problem areas so issues can be rectified before they become serious employment concerns. They offer protection from legal risks and are especially helpful regarding the complex labor laws and regulations that surround hiring, performance appraisals, termination, discrimination, and compensation.
Access proven methodologies
An HR audit compares your human resources department with best practices and accepted industry standards. This objective assessment reveals both proficiencies and deficiencies, offering valuable learning and guidance to improve employee handbooks, onboarding practices, job descriptions, and more. By regularly benchmarking your company’s HR function against industry standards of excellence, you’ll remain up-to-date and gain valuable competitive advantages.
Ward off tensions through advance preparation
By conducting periodic HR audits, it alleviates the stress of unplanned external inspections from the IRS or other entities. Armed with detailed, accurate information, it delivers confidence regarding where your organization stands in terms of compliance, business policies, employment practices, and more.
Attract superior talent
The competition to acquire top talent has never been fiercer so you need every weapon at your disposal to attract the best and brightest. An HR audit can be used to improve recruiting methods, identify core competencies needed for success, enhance onboarding processes, and more. It can even help to ensure that your compensation and benefits package is appealing to the most sought-after candidates.
Boost retention
Once you attract those talented employees, you need to find ways to keep them. That can be particularly challenging when the landscape is brimming with employment opportunities. An HR audit can identify reasons why employees are leaving so that retention efforts can be fortified. Whether you’re seeking new ways to enhance morale or improve your company culture, HR audits deliver strategic insights that will allow you to reduce employee turnover and incentivize employees to stay on board.
Prepare for whatever the future holds. The HR Team understands the importance of human resources alignment with the other goals of your organization, no matter the size of your company or the industry you’re in. To learn more, please contact our knowledgeable strategic experts today.
About The HR Team: Founded in 1996, The HR Team is a Maryland-based human resources outsourcing firm committed to developing strategic, customized solutions that respond to the unique needs and cultures of organizations of all types and sizes. Available as a one-source alternative to an in-house HR department or on an à la carte project basis, the company’s flexible service models address the full spectrum of HR needs that many organizations struggle to address. The HR Team helps clients achieve their highest level of success by providing value-driven human resources services that leave them time to focus on what they do best: directing business growth and profitability. Headquartered in Columbia, Maryland, the firm serves all of Maryland, Washington, DC, and Virginia. To learn more about The HR Team, call 410.381.9700 or visit https://www.thehrteam.com/.
