Today's workforce is rapidly changing. From Baby Boomers retiring in record numbers to new technology changing where and when we work, the most successful companies are planning for what’s next.
As the workforce grows more complex, the role of Human Resources is changing as more HR professionals are partnering with the C-suite to help companies stay focused on what’s next in the workforce. Here are some examples of strategic HR helping companies remain competitive and boost the bottom line:
Increasing Employee Productivity and Retention
As part of senior company leadership, Best Buy’s HR team saw the need to implement a performance initiative that significantly decreased average voluntary turnover and boosted productivity an average of 35%. The initiative aimed to significantly alter office culture by emphasizing performance based on output over hours worked – culminating in a new policy without mandatory meetings or times when you had to physically be at work.
Google’s HR team worked to initiate a new policy that has spurred the development of 50% of Google’s new product launches, including Gmail, Google News, Orkut and AdSense. The policy allows Google engineers to spend 20% of their work time (one day per week) on projects that interest them – outside of their normal workload.
Creating a Modern Work Environment to Keep Talent Engaged
Microsoft’s HR department played a key role in visioning, planning and building an innovative workplace that has resulted in more mobile working styles and, more importantly, an increase in worker productivity. The new flagship workspace, which opened in Europe last year, includes few closed cubicles, video conference rooms, trendy cafes, open terrace gardens and an auditorium to inspire innovation and boost productivity among its Millennial workforce.
Improving Retention and Employee Performance
To address a high employee turnover rate, Gap Outlet’s HR department developed a new program that improved work-life balance and increased productivity and quality by 21% and 15%, respectively. The multiyear pilot program succeeded by using flexible scheduling policies and work-life balance tools.
Reducing Staff Turnover
Facing a high turnover rate that was costing the company $40 million annually, PricewaterhouseCoopers LLC’s HR team conceived of and implemented programs that significantly reduced its turnover rate and improved employee satisfaction. The programs were designed to solve job satisfaction issues by improving relations among senior managers and their staff and improving work-life balance.
Boosting Job Satisfaction and Retention
MGM Grand Hotel and Casino’s HR department spearheaded a training and mentoring program to improve job satisfaction that has contributed to more than 90% of MGM Grand employees reporting that they’re satisfied with their jobs and 91% claiming that they’re proud to tell others where they work. The comprehensive training and mentoring programs prepare all employees – no matter their seniority – for supervisory careers.
Putting Untapped Talent Pools to Work
Forecasting that there would be a shortage of talent as Baby Boomers start retiring, The Home Depot’s HR team initiated a unique partnership with AARP to welcome older employees back into the workforce. The program was designed to attract AARP members who were interested in using their experience and leadership skills in a new work environment.
Planning for the Future
To improve knowledge across its workforce, IBM’s HR department helped build an innovative tool to help new IBM employees understand how the company operates and the legacy systems it was built upon. The wiki-like tool, named “Pass It Along,” allows older workers nearing retirement to transfer knowledge to younger workers by sharing knowledge and best-practices. With an estimated 22 million people set to retire in the U.S. over the next couple of years, the company believes this tool will help them deal with succession planning and improve knowledge capture and transfer.