New Recruitment & Training Techniques for HR Management

Staffing is one of the biggest employer challenges, especially in the growing healthcare industry, for example. The unemployment rate in the field has dropped to a mere 2.0%, making employee recruitment and retention critical to your organization’s success. Technology can aid your HR department in the process.

Recruitment

It’s important to understand who best fits your company’s culture (and what they’re looking for in return) to recruit the top talent in a competitive market. Ensure your efforts to attract and hire new personnel is well focused and that your organization understands a prospect’s needs.

Consider streamlining the hiring process by requiring prospects to test for the position. Doing so will save you time on meetings and interviews with individuals who may look good on paper but may not be a match. Culture indexing uses technology to assess and qualify top talent for better hiring. These short online tests determine whether or not an organization is the right fit for you and the recruit.

It’s also important to collaborate with other HR staff to understand what ideal hires look for in a new employer. To know what your target talent wants, it’s sometimes best to know what they don’t want. A report by the Work Institute listed the top reasons employees quit their jobs. Retirement and the work environment were among the top 10. While the former is unpreventable, the latter can be altered; use the information provided to find solutions to the main employee complaints and position your organization as one of the top companies in the field.

Career Development

The report found that the No. 1 reason workers leave is to further advance their careers (22%). Does your company offer benefits that allow for staff to train and move up in the organization? If not, start developing a system now. Otherwise, when recruiting, emphasize your company’s commitment to employee advancement and training programs.

Consider including the discussion of career goals as part of the regularly-scheduled employee performance review. Find ways to implement an online training program or on-the-job learning where staff can expand their current skills. The medical field is a busy and fast-paced industry. Asynchronous learning may be the best solution for employees interested in ongoing education because they can study around their busy schedules.

Help employees meet their career goals by assigning a manager or lead who can guide them and document the staff member’s career goals. Your organization may already have a system for HR files. Include a career goal profile in the employee’s personnel file so that HR and other support personnel can stay updated and track their progress. 

Work-Life Balance

Even the best personnel can experience burnout. The Work Institute’s report found that 12 out of 100 people left their job to attain a better work-life balance. Offering staff more flexible work hours using flextime, job sharing, or telecommuting where staff work from home (when possible) are some solutions to address the work-life balance challenge.

Telecommuting or remote work may be the best solution for personnel who may be in danger of burnout. Can your company implement processes and technology so that employees may work remotely from home? Airtasker.com surveyed 1,000 full-time employees and found that remote work made employees more productive and allowed them to have more time for their personal lives. 

Working from home saved employees an average of 8.5 hours per week previously wasted on commuting. And most importantly, remote workers were more focused and productive, with an average non-productive time of 37 minutes while at the office and 27 minutes while at home.

Work Environment

Several of the reasons employees quit their job have to do with the work environment itself. The reasons employees left included:

  • Manager behavior: 11 out of 100
  • Well-being: 8 out of 100
  • Job characteristics: 8 out of 100
  • Literal work environment: 5 out of 100

Reducing conflict and high-pressure in the work environment may be difficult in certain healthcare facilities like an urgent care facility or an ambulatory surgical center. Still, it’s worth the effort if your organization wants to attract and retain employees. The benefits go well beyond team morale — improving the work environment can enhance the quality of care and reduce costly errors. Consider how the following improvements can benefit your company:

Redesign the Office Layout

Improve flow by separating patient traffic from areas where medical staff frequently access. Separate entrances make it easier for staff to enter and exit patient rooms and work with less interruption. Besides separating patients from staff, give management their own area away from staff, so that team members can work freely without feeling overly observed.

Create an Environment With Well-Being in Mind

A calm and inviting environment is ideal for patients, but consider your staff’s needs as well. Repaint walls in a soothing neutral color; there are many options, from soft whites to bolder grays. Simple improvements like natural or improved lighting, live plants, and ergonomic office furniture add comfort and function in the workspace.

Improvements Start at the HR Level

Attracting new hires and retaining existing personnel is essential to your company’s growth. It’s one of the most important tasks of the HR department. Implementing new ideas and technology to create an ideal work environment can better position your company as one of the most sought-after in the job market. 

Why You Should Invest in Personal Finance Training for Your Employees

Personal finance and budgeting play a role in everyone’s life. It’s no secret that your ability to wisely allocate financial resources has a significant impact on your quality of life. 

Unfortunately, most individuals — including your employees  — are probably not as financially capable as they ought to be. High schools and colleges have stopped making financial literacy a requirement to graduate, and so many individuals are completely unaware of personal finance basics of personal finances. 

At this point, you might be wondering why you, as an employer or someone in HR, should care about this. Why should it matter to you that employees can successfully manage their finances? Well, here are just some of the reasons why you should invest (or advocate that your business invest) in personal finance training for employees:

Less Stress, Higher Productivity

For one, stress as a result of personal financial mismanagement is a common problem of the workforce today, resulting in lower rates of productivity and ultimately affecting a company’s bottom line. About 68% of employees are not fully engaged at work, and much of this can be attributed to financial stress. 

This is backed up by Dr. Thomas Garman, a Virginia Tech professor, who states, “Workers waste 20 hours of company time a month thinking about and dealing with personal finances.” Further, 40% of employees have even openly admitted that personal stress greatly affects their productivity at work.

With these figures in mind, teaching your employees about personal finance management can only be a win-win. Most employee learning takes place during work hours, so it makes sense to offer opportunities for employees to learn more about personal finances. In return, they will get rid of financial stress and become more productive. 

Retain Top Talent

Providing a benefit like personal finance training for employees can also help you attract and retain top talent. In fact, a Society for Human Resources study found that “employees are looking to their employers for help with managing their financial wellness.” Today, with the rise of the gig economy, many workers are able to control their work hours and get paid for extra time on the clock. Given the fact that the gig economy as a whole can offer more pay, this provides the means for employees to feel financially secure while also attracting top talent. 

Jobs as part of the gig economy rarely come with benefits, so including personal finance training in your benefits package gives yourself an edge when it comes to recruiting talent. Thus, including financial wellness training as a part of an employee’s benefits package can yield positive results. This is a great way for a company to demonstrate their commitment to the well-being of those they employ.

Ripple Effect on Society

An often-overlooked advantage of providing finance training for your employees is the ripple effect it can have. Giving employees this information enables them to spread financial best practices to friends and family, ultimately improving the well-being of those around them. While this may not immediately and directly benefit your company, it does create for a more financially stable community in the long-run. In turn, this new, more skilled society will help your business’ bottom line. 

These are just a few of the reasons you should consider financial training benefits for your employees. As you can see, alongside enhancing employees’ lives, your company stands to benefit greatly from this inclusion. The best part is that personal finance training programs are actually quite easy to implement. Here are some tactics to consider: 

Give a Financial Self-Assessment 

The first step in promoting the financial wellness of your employees is gauging how much they know about personal money management. People often struggle with planning their finances because they neglect (or intentionally avoid) thinking about them critically. As a result, they are unable to adequately plan for the future.

A financial self-assessment solves this problem and allows for both managers and employees to learn about their personal financial capabilities. Once this is done, your employees can identify pain points in their financial planning and take the appropriate steps to make changes. There are many free financial assessment quizzes available online that you can hand out to your employees. A good starting point for a personal finance self-assessment can be found at the Consumer Financial Protection Bureau website.

Offer Classes/Training Seminars 

Fixed classes or seminars are effective ways of teaching financial wellness on an ongoing basis. You could devote one hour a week to a training seminar where employees could be given the chance to hear from various experts and financial planning. Each seminar could cover a different topic under the umbrella of personal financial wellness, including how to improve and maintain good credit, how to pay off credit card debt, how to plan for retirement and a child’s education, how to invest, and more. 

Even if you aren’t in the position to host seminars, you could consider giving your employees the option to enroll in online money management classes and cover the cost. Alternatively, you could offer premium access to sites like SkillShare or Udemy that offer classes from experts across a range of topics. 

Provide Budgeting Tools

Budgeting is key to personal finance management. Make sure your employees know basic budgeting skills — you could even start with the “give, save, and spend” concept that is used to teach children about money. From there, teach employees about the principles of setting up a household budget such as identifying income, tracking spending, and determining goals. You could also keep an eye out for financial tools that could help your employees. These include free retirement planning tools, investing tools, budgeting apps, and more. 

Spread Awareness About Cost-Effective Options

Another initiative that is easy to implement is spreading awareness about resources that outline how to get the most cost-effective services. Choosing cost-effective options can increase savings and aid money management efforts. One way to do so is to teach employees how to evaluate various deals for everyday services through a monthly email newsletter. 

For instance, you could send out a newsletter that details how to pick the best internet deal for one’s home, covering pointers like looking for plans in the “Back to School” period in August. The following month you could send out a newsletter about how to pick the best car insurance, and what to consider when choosing one. Spreading awareness about ongoing deals that you have researched, as well as knowledge about how to choose cost-effective options is a good way to educate employees about making financially sound decisions. 

Promoting the financial wellness of your employees is a great investment, benefitting both your company and your employees. Use these tips to introduce personal finance training into your employee benefits package to build a more productive and financially savvy workplace.