How to Build a Modern HR Strategy
Let me guess:
Maybe you had a top performer give their notice and filling that gap is now your top priority and now you need to scramble to meet product launch deadlines or sales targets…
Or maybe you’re not seeing results from your recruiting strategy, and if one more A+ candidate takes a role with another company you will throw your laptop out the window…
Or maybe you are tired of keeping up to date with the latest Bill and legal precedents that passed and understanding what policies you need to change…
Or maybe you have some underperforming employees and you are pulling out your hair to try and motivate them…
What gives? You have a leak in your HR strategy.
Something, somewhere, has gone awry, and it’s impacting your retention, performance and culture. This is where Modern HR strategies are game-changers.
They will help you find those leaks, seal them up, and get you back on track to smashing your growth goals for the year.
Ready to build your best team and become a talent magnet? Here’s how to implement a Modern HR strategy.
Why Is Modern HR Important?
In the new world of work, the balance of power has shifted from companies to their people. Because of this shift, people expect more from the companies and leaders for whom they choose to work.
Your company’s success depends heavily on Modern HR Strategies that provide what employees have come to expect.
A business must build a strong culture that attracts top-tier talent, provides a fast start for new hires, engages people by providing feedback and actively invests in their development.
If your HR strategy is not up to what today’s workforce wants, you’ll most likely only attract B-Players or have underperforming A-Players – both will stunt your company’s growth.
Besides helping you attract your ideal candidates or ensuring you are compliant with the ever-changing employment law landscape, Modern HR strategies give you an in-depth understanding of your team.
As Gino Wickman says in Traction, knowing if you have the “Right People” in the “Right Seats” is paramount to success – this mentality drives our Modern HR strategy.
How we do Modern HR
OK, so now that we know why Modern HR is important, let’s dive into the steps required to increase results.
1. HR Foundation
A building can only be as tall as its foundation allows. Similarly, companies need strong HR Foundations or they will scale to the size they can.
Here are the key aspects to any Modern HR Foundation:
Define your beliefs and vision so you can communicate them.
Set expectations for the team and protect the business you worked so hard to build.
Reviewing core metrics regularly will validate if you’re on track or identify potential leaks in your strategy.
Some of the HR Data Points you’ll want to review include:
- Turnover Rates
We regularly track these HR Data Points and offer comparisons against our portfolio as well as peer data if available.
2. Modern Performance Reviews
Modern Performance Reviews are the backbone of any Retention Strategy and continually validate that you have the “Right People in the Right Seats” with quarterly conversations.
Old school Annual Performance Reviews that resemble a high school report card are not going to cut it with today’s workforce. It is imperative that you have multiple conversations a year to avoid the Santa Phenomenon:
Honest feedback increases your retention and identifies who should level up roles or are possibly exited from the company.
Two major aspects of a Modern Performance Review are:
Validate your team and company are living the compay’s values.
Having the conversation that asks the powerful sequence of questions: Where did you come from? Where are you now? and Where do you want to go?
Having these conversations tells your team that you care about them and their future at your organization.
Tracking Modern Performance Reviews is important and should be done in an HRIS.
3. Talent Acquisition
Raise your hand if you have ever said this after meeting a candidate:
“They were great, but let’s see what else is out there.”
This is what we refer to as “Interview Insecurity” and it is one of the enemies of building a team full of A+ talent.
You need to understand two key aspects, what is your Ideal Candidate Profile and what is their Ideal Company Profile. When those are aligned, it will make it 10x easier to identify and hire top-tier talent.
When starting a new hire search ask yourself these questions before you make a job posting:
What does success look like for this role?
This question is often overlooked and the Job Title is used. It is critical that you note how you will judge the success of the hire and they know this coming in too.
- What is the Ideal Candidate Profile?
Now you know what they need to do to be successful, what skills, traits, values and competencies will they need?
If you don’t Know EXACTLY who you are looking for, how will you know when you find them?
- Where will you find your Ideal Candidate?
We love sharing every new role with the team and use an Employee Referral Program as an incentive.
If nothing comes from asking the team, you need to create a Job Posting that speaks directly to your Ideal Candidate and post them where they look.
You can also amplify your sourcing strategy with Specialized Talent Networks — e.g. Women in Tech Sales
- What Interview Process should we use?
Having an Interview Scorecard will help provide clarity, reduce Interview Bias and expedite internal conversations.
When you have a clear vision of your Ideal Candidate, know where to find them, have an interview process that gives you confidence to make an offer you will build a dream team!
4. Onboarding Playbook
What should an Onboarding Playbook include?
An Onboarding Playbook should include a strategy from when a new hire signs an Offer Letter to their Probation Review. If done properly it will not give them a running start, but shoot them out of a cannon towards success!
We often joke that in fast growing companies an onboarding process usually amounts to handing over a laptop and giving them a high-five.
Onboarding plays a vital role in the success of your HR Strategy. It affects Turnover Rate, productivity, and culture.
We look at a few key milestones to create custom Onboarding Playbooks:
- Day 0
Everything that happens from signing to their first day, this can include Swag Bags and Welcome Packages.
- Orientation Week
The schedule for the first week that introduces new hires to the Values, Product/Service, Leadership and expectations (think Employee Handbook).
- Ramp Up
You will define what success looks like for the first 90 days and put them on a clear path to get there – checking in at certain points.
- Probation Review
This day 90 check-in should be to review how the new hire did against the agreed upon expectations and let them know if they passed their probation.
Having a positive and focused onboarding experience checks all the boxes leaders want: high performance and increased tenure at the company.
Frequently Asked Questions About Modern HR Strategies:
How often should I review my Modern HR Strategy plan?
You should review your Modern HR Strategy every quarter or 6 months to ensure no leaks have sprung and to adjust as your company grows.
What are Modern HR Strategies?
Modern HR strategies embrace empathy, make data-driven decisions and deploy strategies that resonate with today’s workforce.
What HR Tools can I use to improve Modern HR impact?
The best tool you can use to improve your HR strategy is having an HRIS (Human Resource Information System). This is because it enables data entry, tracking and provides a single source of truth about your team.
How does Modern HR Strategies impact Retention?
Modern HR Strategies contribute to increasing retention rate at a company, the largest contributor would be Modern Performance Reviews as they provide feedback loops and career growth plans.
Conclusion: Modern HR Strategies
HR is never a once-and-done thing. It’s something you need to nurture and constantly give attention to if you want to see sustainable, long-term growth.
Whether you’re just starting out, refreshing an existing strategy, or checking HR Data Points, you need to evaluate your Modern HR Strategy continually.
Doing so will ensure you’re making progress and on track to meet your growth goals.
Book a call with us to learn how we’re helping companies
attract superstar talent, increase productivity,
and score a ridiculous retention rate.
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