While many businesses prepare a formal business plan few have a written human resources management plan as part of their overall business strategy. Just as failing to address potential threats in the marketplace can jeopardize the viability of a business, failing to anticipate employment trends and employees’ needs can also impact overall business success. It is critical that the company take a strategic approach to HR rather than a wait-and-see approach.
A solid Human Resources plan will address critical human resources management functional areas including but not limited to: Recruitment and Selection, Benefits, Payroll, Wages, Training and Development, Succession Planning.
Remember, there is an inherent danger in management “guessing” what its workforce wants or needs. Engaging employees in the planning is as much a part of the strategy as the actual plan itself!