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Follow the money…
Human Resources (HR) is typically far from a top priority for many businesses. That is until you are short on staff or need help dealing with concerning behaviors. Yes, we all need this group for recruiting, onboarding, training, and occasionally to support performance improvement initiatives, yet in many organizations these people costs are overlooked by executives. According to Forbes, many companies consider HR a “back-office function.”1 So when HR is not visible it can quickly become a cost challenge, especially with recruiting, onboarding and training (hard costs) rising annually and the inefficiencies from re-training, lost customer relationships and missing information (soft costs) typically going unnoticed.
HR is so much more than just hiring and firing these days. The lifecycle cost associated with managing people has been labeled Human Capital Management (HCM). Studies demonstrate that the long-term impact measured from not effectively hiring, maintaining employee engagement and increasing retention can easily catapult and organization to the top or bottom of their industry.