3 Things Every HR Panics About at the End of the Year (And we are not talking about the purchase of Christmas Presents)

December 21, 2018 9:36 am

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What’s the first panic that comes to your mind at the end of the year? Christmas presents not bought? Where to go for the countdown party? Who to attend the countdown party with?

This is definitely not the panic when you are a Human Resources (HR) professional or a business owner who handles your own HR.

HR panics at year-end vary from one organization to another, but the fact is that all these panics have the possibility of disrupting the entire HR schedule if not addressed immediately.

So, what are the three things that HR will always panic about at the end of the year?

#1 Bonus and Incentive Calculation

In actual fact, bonuses and incentives are used to reward employees for their exceptional performance during the year. Bonuses identify extraordinary contributions and uphold excellent performances. Incentives recognize particular goals accomplished and were officially made known at the commencement of a particular project or performance cycle.

Determining the level of creativity, commitment, and energy that employees bring to their jobs is always a problem for HR professionals, especially at the end of the year. In addition, having accurate calculations with limited time available is always a panic to any HR department that is not automated.

Solution:

The key for all business processes in the competitive business atmosphere are speed and accuracy. Without a doubt of mind, to get the right calculation of bonuses and incentives, HR professionals must not ignore the power of technology in the automation of their business processes.

Use a wide range of equipment, machines, Intranets, Internet, data sharing networks, information sharing platforms, management information systems, and databases to improve and save your jobs.

#2 The Panic of Retaining Talented Employees

The fear of retaining talented employees at year-end is quite rampant in organizations. However, the competition for gifted and endowed employees is fierce. Employee turnover is very expensive and could impact business development negatively.

A high rate of employee turnover will damage the reputation of your organization. Moreover, replacing one employee after another can be very costly, and this is the need for panic.

Solution:

Have a structured onboarding process in place because it is extremely efficient for an employee. With a structured Employee Onboarding Technology Solutions, employees are 58 percent more likely to remain in an organization for three years or above.

In addition, HR professionals in organizations must not micromanage their employees excessively and must possess the expected leadership skills. The HR in charge should build confidence in employees and must have good judgment when it comes to making decisions that affect their employees.

Workers must be given the opportunity to work without too much supervision and avoid the kind of management style that will contribute to the high turnover rate of employees.

#3 The Fear of Losing Vital Data

HR can lose employee data or gat the data manipulated by unscrupulous employees for financial gain at the end of the year, particularly if such data is manually maintained. Data loss can result in high costs in terms of money, time and resources. On the other hand, it can also tarnish the public reputation and image of an organization.

Data attackers commonly make use of different techniques and tools to accomplish their actions. Organizations are attacked for financial benefits. Likewise, energy, industry, media companies, infrastructure, or other big businesses are attacked to steal and sabotage information systems.

Solution:

As an HR professional, you need to know how to protect the personal information and data of your organization before it is too late. However, you no longer need to panic as cybersecurity tools are now available for both small and big organizations.

You also need to comply with some vital rules as this will go a long way in reducing the risk associated with both internal and external compromise.

The Bottom Line

In order to avoid HR panics at the end of the year in the business world of today, you must not ignore the power of automation. Using the power of automation and software from Payboy to complete tasks will enhance the speed, efficiency, and accuracy of business processes like recruiting, calculating bonuses and incentives, data protection, marketing, setting your employees free to let you pay attention to bigger and important strategic tasks.

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