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How can HR increase revenues? Part 1

Tue, 02/24/2015 - 09:52
 
How can HR increase revenues? Part 1
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People Profits is redefining HR - by rejecting the mindset that created HR. We assist our clients by injecting fundamental business and financial principles into the HR function - which transforms HR from a COST center into a PROFIT center. Our expertise is based on developing a Human Capital Strategy and implementing our proprietary systems and processes that will increase the value of your greatest asset and your BOTTOM LINE.

The Journal Record profile of People Profits 

"HR doesn't increase revenue"

- Conventional wisdom 


People Profits has been fighting this belief for years.
HR CAN and has a DUTY to increase revenues in 3 ways.

  

The FIRST WAY will be discussed today.  
  1. Ask any CEO to give you 5 ways how they could grow the business.
  2. They will give 20 ways.
  3. Ask the CEO why they don't move on one of those 20 ways. 
  4. Almost always the answer will be:
"I can't GET CONTROL of the people issues of what I HAVE...."   

The first step in HR increasing revenues is to gain CONTROL: 
  1. Develop an effective and efficient RECRUITING STRATEGY.
    1. Filling open positions with the BEST PEOPLE QUICKLY.
    2. How much REVENUE is being lost due to OPEN POSITIONS?
    3. "TRYING SOMEONE OUT" and replacing them - COSTS REVENUE.  
  2. Develop a RETENTION STRATEGY.
    1. How do we KEEP our BEST people - who drive REVENUE! 
    2. How do we REMOVE the employee VIRUSES - who cost REVENUE.  
  3. Develop an ENGAGEMENT STRATEGY. 
    1. PRODUCTIVITY drives REVENUE!
  4. Develop INVESTMENT and DEPLOYING STRATEGIES. 
    1. Minimize the time that employees are not producing REVENUE.
    2. Increase their VALUE and ability to produce REVENUE. 
Case study: One company was quickly going out of business for lack of SKILLED workers. Turnover was rampant, engagement was non-existent and revenues were being lost. After developing the above STRATEGIES led to a TURNAROUND in the Company that DROVE REVENUE.    

So, if you feel like you are having to PUSH and PULL your employees along:  
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