10 Commandments of Human Capital Management

1. Talent acquisition

Looking to grow your business or find the next superstar for your company? All employers want the best and the brightest and talent acquisition is key. Having a way to successfully track applicants and identify those with exceptional abilities makes this process easier. The main aspects of successful talent acquisition include: filing background checks, applicant tracking throughout the onboarding process, and recording relevant skill sets.  Maintaining records makes talent acquisition a simple function of human capital management.

2. Up-to-date employee information
Ever failed to update an employee’s new address or last name after they get married? Keeping employees’ information up-to-date can be a difficult task, especially if you’re working for a large company. Today’s technology helps to ease this process by allowing employees to access and update their own information. Some systems allow options for the changes to update immediately, while others can require approval of the change request from a supervisor. These features take pressure off of the employer and shift it to those who are more aware of the information and when it needs to be updated.

3. Paying employees in an efficient and effective manner

Everyone knows the importance of pay day. Whether an employee is living paycheck to paycheck or saving for the future, being paid accurately and on time is important. Issues with payroll result in employees losing faith in management’s abilities. Your employees rely on you as an employer to make sure that payroll is managed appropriately.

4. Maintaining accurate records of time and labor

Employers may experience an occasion in which a payment to an employee is questioned and you will need to refer back to records to prove validity. This is why accurate time and labor records are important and those records ensure that you have the data to support your payroll. We understand that human errors occur once every blue moon, but if you maintain the appropriate documentation, it can help to save time and money in the future.

5. HR information for employees

As previously mentioned, accurate employee information is important to maintain; however, from a human resource standpoint, the amount of required information increases. We mentioned a few things to track while in the onboarding process, but there are other aspects that should be tracked throughout an employee’s career such as: performance reviews, promotions, and if needed, disciplinary action. Keeping these records up-to-date could help ease the process of determining which employees are eligible for a raise or promotion.

6. Offering attractive benefits

Benefits offered tend to be a major factor in retaining employees. Whether it applies to medical, dental, vision, HSA, retirement plans, or other benefits, they all play an important part in creating added value for employees. Be sure your company maintains the plans in accordance to new rules and regulations.

7. Government and compliance requirements

Remember the days when office walls were crammed with filing cabinets? They stored all the necessary company documentation just to stay compliant with government regulations. Today, everything is backed up on a cloud or company network, therefore freeing your workspace from those bulky beasts. Making sure to have the right documentation on file is important, but doing so in a way that does not inhibit your work environment is essential. Technology has enabled companies to become paperless and securely store necessary information in an easily accessible environment while also remaining compliant.

8. Workers’ compensation

If you live in one of the few U.S. states that do not require workers’ compensation or you are the only employee for your own business, please feel free to skip to number nine. Otherwise, check your coverage, plan options, and rates in the event that one of your employees gets hurt at work. For more detailed information on workers’ compensation check out our blog post, Workers’ Compensation- Is it working for you?

9. COBRA Administration

We have looked at the onboarding process, the tracking of an employee throughout their career, and the variable elements relating to the necessary functions of the company. Unfortunately, many companies run into trouble when they terminate an employee. This is typically because employers do not file the necessary paperwork or provide the employee with COBRA plan options. Fees and penalties may apply for not abiding by these requirements within the specified time frames. Hence why this is an important aspect to make sure you stay compliant.

10. Administrating employee surveys

Let’s say you’re able to check off all 9 steps listed above. Now let me throw you a curveball, are your employees truly happy? Employers can speculate the answer to this, but how do you know for sure? The key to answering this question is to simply ask them. Employers may be surprised of how a small adjustment can make a world of difference to an employee’s satisfaction level. Don’t be nervous to ask the questions. Employee perspectives are what employers need to grow their business. Who knows better of how to improve daily functions than those who perform the tasks every day?

The MPAY Network offers solutions and advice for all of the above. Click below to learn more about the MPAY Network and see how we can help to better manage your most important aspect of your business, your human capital.