For company owners, surviving the current business climate in Australia involves a complex combination of a sustainable place in the business market and the right employees and business structures to minimise costs whilst maximising profits. However, the value of employee involvement and outcomes, along with how to maximise and make the most of this, is something that’s often lost in this equation. This short guide will provide advice on how to use recent HR and industrial relations strategies to achieve the competitive edge necessary to stay profitable in today’s business environment.
Managing Employee Performance and Productivity:
Many large-scale businesses have a combination of both interstate and overseas destinations, which can often pose significant obstacles to both employee communication and performance management. Managing employee performance is one of the most important tools that employers have when it comes to maximising their business potential. There are various complex and detailed tools available for achieving this, such as psychological assessment tools, performance appraisal systems, six sigma type organisational strategies, and 360 degree feedback tools.
One of the least used strategies in large organisations in particular is known as ‘Management by Walking Around’, however, it is also a strategy with one of the best outcomes. This strategy process involves a culture where senior staff members take a short amount of time out of work to walk around the office and speak to members of staff, getting their opinions on general business processes or opinions on what could be improved. Seeking genuine feedback from employees at all levels can significantly improve business productivity as it gives employees a voice. A common employee complaint is that they are often too far removed from the decision makers and have no say in the business processes that directly affect them.
Appraisals and Employee Evaluation:
Lastly, the process in which appraisals and employee evaluation is done should be carefully considered in regards to the impact that it has on employee productivity and performance. It’s important that managers and supervisors are delivering the appraisal process proficiently, rather than simply going through the motions. A genuine interest in the progress and performance of each employee, along with constructive feedback for future improvement and genuine praise for any excellent achievements so far is the best approach. It’s also advisable to gain feedback from employees on the appraisal process and its outcomes.
Staying afloat in today’s tumultuous business climate is tricky, but the right HR strategies can significantly improve your business’ chances.