What is the monetary impact of HR interventions on a firm's bottomline?
Answers
depending on the intervention it could be employee productivity measure (specific to position, business, department), employee turnover/retentions, customer service/satisfaction/retention, etc.
A good
As mentioned above they also can do so much in employee moral and productivity... but only if you take the advise that they provide.
In NYS, the most employer friendly state in the union (sarcasm here), a good HR department can save you large amounts of money due to new laws and regulations being enacted to safeguard employees from the big bad employer (but in reality most often its for the benefit of the state coffers).
An example is the Wage Theft Protection Act. Fill out the form wrong, and on audit it leads to more audits (exempt vs non-exempt and failure to pay proper wages).
A proper Human Resources function is the cost of doing business. State and federal legislation that your specific business must abide by, is an uncontrolled expense. You can gain comfort in knowing that all of your competitors are under the same requirements and the corresponding monetary impact.
What you do control and should monitor -
1) Attrition - The non-value added expense of "attrition." Depending on your business, on-boarding a new employee can be expensive - processing, background check,
2) Compliance - There is no
3) HR Staffing levels - your HR department should be viewed like other departments, i.e. is your HR department staffed too high or too low. More people in the group does not mean more safety for your company.
In conclusion, focus on the controllable issues to mitigate the "monetary impact" vs. uncontrollable "cost of doing business."
I think the question itself is subtly misstated in it's focus on HR "interventions". As a