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Making HR a profit centre

HR is typically responsible for activities like recruitment, training and development, managing pay, and performance appraisal. All these functions involve significant investment and are not revenue generating. Hence, a human resource department is generally considered as a cost centre of an organisation.<br>

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Making HR a profit centre

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  1. MAKING HR A PROFIT CENTRE SecUr Credentials HOW CAN YOU MAKE HR A PROFIT CENTRE? A human resource department does not carry out revenue generating activities. However, various strategies can be implemented enabling cost reductions which in turn can contribute to profits. These strategies include: UTILIZING INTERNAL TALENT FOR EFFICIENT HUMAN CAPITAL MANAGEMENT Implement an employee referral system to identify and attract talent. Your employees can be a highly effective source to hire candidates, plus this strategy helps in reducing hiring costs. EMPLOYEE RETENTION STRATEGIES TO SAVE COSTS Training and development, orientation, employee feedback, and pre-employment screening are ways in which you do not lose out on talent. In these processes they also offer benefits in terms of reducing costs on re-hiring and related activities. IMPLEMENTING PRE-EMPLOYMENT SCREENING A comprehensive employee screening procedure will help you hire right and minimize recruitment-related costs. While this approach seems resource and time intensive, the investment will result in long-term returns. FOR REFERENCE: WWW.ENTREPRISESCANADA.CA HTTPS://SECUR.CO.IN/

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