Though the HR demands in your company are challenging enough to keep up with, understanding the general health of the company will give you a bigger perspective that can be valuable when doing your job. Here are the things that every HR person should know about their company.
Though the HR demands in your company are challenging enough to keep up with, understanding the general health of the company will give you a bigger perspective that can be valuable when doing your job. Here are the things that every HR person should know about their company.
Share Price – If your company is publicly traded, keep track of the current share price. Your company’s competitors use the stock price to gauge their value compared to yours. You should too.
Profit – How much profit has the company earned in the last two years? This is the firm’s bottom line earnings and knowing what they are will give you a picture of the overall strength of the organization.
Revenue Growth – How much is the company selling? Is the demand for the product and services stagnating or growing? You should be able to articulate where the company sits in the marketplace in terms of top line growth.
Key Productivity – How is the company budgeting, allocating resources, and managing costs? Do they have strategies in place for quality control? Knowing how the company is functioning in these areas will give you a better operations perspective.
Brands, Products and Services – How well do you know the products and services your company is selling? Try the products and services yourself when you can, or familiarize yourself with the features and benefits of them.
Customer Satisfaction – What keeps the customers happy? How are the consumers’ needs being met by the company? Line employees know what keeps the customers coming back and you should too.
Manufacturing and Delivery – Exactly how is the product manufactured or the service is delivered? Having a pulse on these items will make you more attuned to operations managers which will benefit you and your department.
Development – What kind of research and development does the company initiate to keep upgrading the company’s products and services? A lack of development can be a leading indicator of revenue decreases in the future.
Customer Acquisition – How does the company market their products and services? What kind of messaging do they use and what is the sales funnel? Understand how new business is being generated.
Key Suppliers – Who are the vendors who supply the resources needed to manufacture or deliver the product or service? These suppliers help the business keep its doors open, and they are stakeholders in the company.
Competitive Advantage – How does your company compete and win? What unique advantages does the company have over the competition? Knowing these advantages makes you a team player.
Practice understanding these eleven touchpoints in your company and you will keep your HR department’s hand on the pulse of the company.
Searching for a Reliable PEO in Denver?
When you’re shopping for a Denver Professional Employer Organization (PEO), look for a firm that has a track record of adding value to the company’s they serve. Staffscapes has been helping small businesses in the Denver Metro area manage their benefits, worker’s compensation, payroll, and human resources administration since 1996.
When you have questions related to healthcare benefits, government HR regulations, and compliance, or worker’s comp, we have answers. Call us to discuss how we can make your HR functions run more smoothly and more cost effectively.