Regardless of company size, Human Resource departments are the lifeblood of successful businesses. Tasked with overseeing the entire employee lifecycle, HR professionals are often asked to drive serious business results with limited resources.
But no matter your quarterly or yearly budget, there are a few areas and tools worth investing in to make your job easier and more impactful. Whether that role is to attract and retain new talent, maintain compliance, or evaluate compensation and benefits, these are the 5 must-have items to add to your 2019 HR budget.
1. Employee Engagement Tools
And though engagement methods like surveys and annual awards can certainly move your company towards a more involved workforce, these initiatives are often too sporadic or lack the follow up to truly engage your team long term.
Luckily, when it comes to engagement, sometimes simpler is better. A recent study by Reward Gateway showed that “70% of employees say that motivation and morale would improve with managers saying thank you more.” If that’s not enough, according to a SHRM recognition survey, regular “peer to peer recognition is 35.7% more likely to have a positive impact on financial results that manager-only recognition.”
Where to put your money: Adding Employee experience tools like YouEarnedIt to your HR budget allow team members at all levels of the business to send regular, meaningful recognition to their peers in a way that unifies culture, boosts engagement, and increases retention.
2. Collaboration + Communication Technology
If you’re not already using office collaboration tools like Slack and Facebook Workplace, we encourage you to look beyond the communication aspects of these platforms and explore how they can streamline manual processes or simplify project documentation for your company.
Where to put your money: For example, Slack has several use cases dedicated solely to helping HR teams manage their hiring pipeline, onboard new employees, integrate their existing HR tools, and automate support through organized channels.
The best part? These benefits have tangible impact on you and your team. Slack reports that implementation of their platform pushed new employees to reach full productivity 24% faster, increased employee satisfaction by 10%, and reduced time to hire new employees 3%.
3. Learning & Development Opportunities
If you’re thinking of allocating more of your HR budget towards L&D this year, you’re not alone. As reported by Linkedin in 2017, 27% of business put more money towards learning and development programs than years prior.
And this make sense – as learned skills now reach a half life of ~5 years, it’s more important than ever for businesses to invest in their employees’ ongoing education to stay relevant with today’s technology and trends.
Where to put your money: Though it may be tempting to put all of your budget into conferences and compliance training, consider investing in soft skills like leadership and management education. With a whopping 50% of all employees citing poor management as a reason for leaving their jobs (Gallup, 2015), it’s more important than ever to invest in management skills as a serious retention strategy.
4. Performance Management Tools
Regardless of your company’s stage or size, implementing performance reviews can impact several of HR’s biggest pain points, including turnover, disengagement, absenteeism, and low productivity. Not convinced? According to ClearCompany, 72% of surveyed employees felt their performance would improve with corrective feedback.
Unfortunately, the study also concludes that only 64% of organizations that use performance management find their approach effective, leaving the remaining 36% floundering to make the most out of employee and managerial reviews.
Where to put your money: Tools like HighGround allow companies to set goals, provide real-time, continuous feedback, and implement rewards and recognition across teams.
The key to using these kinds of platforms effectively is the frequency at which your company offers its employees opportunity to receive praise and feedback. Even the best performance management technology in the world will have a hard time impacting your bottom line if meaningful feedback is provided once or twice year.
5. Sponsored Job Postings
Recruiters across industries are feeling the strain of securing top talent in a competitive job market. As reported by a 2018 Monster survey, 67% of recruiters feel their job is more difficult than it was 5 years ago. And with more roles requiring specialized skills and talents, job candidates are able to be choosier than ever with offers, compensation, and benefits.
Where to put your money: So how do you ensure your company stands out and attracts top talent? Simply listing openings on your company’s career and LinkedIn pages may no longer be enough. Sponsored job postings on sites like Indeed rank near the top of candidates search queries and can receive up to 5x as many clicks as a non-sponsored job.
Getting top talent to see your company isn’t just about attracting great applicants – it’s also about keeping those star employees from working for your competitors. Spending the extra dollars to make sure your business is seen by as many qualified candidates as possible can help you fill a vacancy faster, with better talent, and keep you on the cutting edge of your industry.
YouEarnedIt amplifies company culture through its award-winning employee experience platform that delivers engagement, retention, performance management, and improved business metrics. As a dominant force in the HCM market with an industry-leading retention rate, YouEarnedIt partners with more than 400 global organizations to build high-performance cultures and engaged workforces. Founded in 2013, YouEarnedIt continues to revolutionize the employee experience with its platform based on the science of motivation, rewards, and recognition. To request a demo, visit www.youearnedit.com/demo.