ABSTRACT The objective of this paper is to evaluate the magnitude of Human Resource policies on the profitability of any business

or organization. In this paper author tried to expand the impact of Human resource policies on the abundance of an organization. Author explained that an effective HR strategy is responsible to increase the return on investment and also should diminish financial risks in the organization. It is only be possible due to highly skilled and qualified people who should be capable of achieving companys goals through delivery of their knowledge and to maximize return over investment, making secure ground and lead to ultimate success. Human resources act as backbone and are strength for the organization. In order to get efficient HR policy HR managers should look after for the employees in order to make them loyal and stick to the organization so that they can deliver their best services to the organization in order to get ultimate goals.

taking into account federal, state and local labor laws and regulations; ethical business practices; and net cost, in a manner that maximizes, as far as possible, employee motivation, commitment and productivity.

In simple terms, an organization's human resource management strategy should maximize return on investment in the organization's human capital and minimize financial risk. Human resource managers seek to achieve this by aligning the supply of skilled and qualified individuals and the capabilities of the current workforce, with the organization's ongoing and future business plans and requirements to maximize return on investment and secure future survival and success.

Why are employees in some companies happy to stick with the company while others look for a change? The reason is that some companies know how to take good care of their employees and provide a working environment that helps them retain their identity, while proving themselves and growing along with the company. Here are some of the best HR practices that help in the creation of a highly satisfied and motivated work force.

Work Environment A safe and happy workplace makes the employees feel good about being there. Each one is given importance and provided the security that gives them the motivation and incentive to stay. This is usually achieved through internal surveys to find out whether they are satisfied and if not what they think needs to be changed. Open Management Employees dont like the feeling of being kept in the dark about what is happening in the company. They feel motivated and develop enthusiasm only when the management opens up to them and discusses the company policies, sales, clients, contracts, goals and objectives. This encourages participative management. Asking them for ideas on how to improve will get their creative juices flowing. Being open about everything related to the company will help in building trust and motivating the employees. This open management policy can be practiced using several tools. Performance Incentives Every good performance is appreciated in the form of a pat on the back, bonuses or giving some other compensation for a job well done. Organizations that struggle to keep up with the attrition rate are mostly those that think employees are just doing their job. Even if it is the employees job, completion in an appreciable manner calls for an incentive, and this goes a long way in boosting the staff morale. These incentives can be implemented at the individual as well as the team level and it has been seen that this works wonders in getting the best out of the employees. But it is important to keep in mind that these bonuses should not be given without a reason, unless it is a commitment for annual bonuses or some such thing. Doing so will only reduce the perceived value of the bonuses. Performance Feedback This is one the methods that is being followed by many organizations. Feedback is not only taken from the boss, but also from other seniors and subordinates. Previously, appreciation was only sought from the immediate boss or the management, but now organizations understand the importance of collecting performance feedback from several quarters. The opinion of everyone matters, especially for someone who is in a leadership role at any level. Each person in the team is responsible for giving constructive feedback. This kind of system helps in identifying people who can perform well as leaders at higher levels in the organization. Even the senior level managers can use this system to their advantage, as a tool to improve themselves. Employee Evaluation Every company has an employee evaluation system in place but a good system links individual performance to the goals and priorities of the organization. This works well

when achievements are tracked over an year. For a fair review of each employee, the evaluation, apart from being done by the boss, should be done by another person at a higher level, for whom the employees contribution is important. Ratings can also be obtained by other employees. This ensures a fair and accurate rating of each and every employee. Sharing of Knowledge Knowledge sharing is a wonderful strategy that helps in the betterment of the employees and their work. Keep all the knowledgeable information in central databases that can be accessed by each and every employee. For example, if an employee is sent on some training, the knowledge that is acquired by that employee can be stored in these databases for others to learn from it. Even innovative ideas that the management deems fit for employees to see, can be stored here for all to see. Publicize Good Performances Every company has some employees who outperform others. Such performances should be highlighted and displayed where other employees can look at them; such as on the display boards and intranet etc. This will encourage others to give their best. A proper system should be set up to make a list of high performances at specific times in a year. Discussions Successful organizations nurture ideas and they understand that employees who are actually working and know the business can provide the best ideas. The management should have discussions with employees to get these ideas out of them. There can also be suggestion boxes to capture these ideas. Through this system, managers can find talented employees and develop them. Rewards While recognition of talent is highly important, this recognition has to be made public and what better way than holding ceremonies and announcing to the whole world (the employees), the achievements of a fellow employee. There can be nothing better for an employee than the heady feeling from a resounding applause. The Surprise Factor Who doesnt like a surprise? Surprise deserving employees when they are least expecting it. It could be a gift certificate or a small reward of some sort. This surprise doesnt have to be limited to the best performers, but it can be randomly given to others as a motivating factor too. Anyone can be given this surprise reward.

Such healthy HR practices encourage the growth of the organization as employees after all play a major role in the well-being of a company. Making an employee feel like a million dollars pays in the form of the success of an organization. http://www.dirjournal.com/guides/the-best-hr-practices-that-successful-companiespractice/ Resources Best Practice Guidelines SCONUL seeks to promote the development, implementation and sharing of good practice to improve service delivery to users. It supports members in planning for future service needs by identifying trends and issues for information services such as personalisation, collaboration, space, management and skills. Any organisations success will depend largely on whether its employees perform well. It is recognised that library and information services exist, in the main, as part of a larger organisation that will have its own human resource management policies and practices. SCONUL members have responsibility to work with human resource practitioners to understand and shape policies and practices, and adapt specific human resource management interventions to suit the organisational culture and readiness of their library and information service. According to the Investors in People Standard (http://www.investorsinpeople.co.uk), which is used by some libraries in the UK, people need the right knowledge, skills and motivation to work efficiently. There are other quality frameworks that also stress the importance of good people management. Best practice in human resources management would demonstrate links to the total business planning and review cycle, and not just focus on human resource issues. There are many ways to describe the culture, policies and processes that need to be in place and actively implemented to achieve best practice in human resource management. For example, the Investors in People Standard lists ten areas: Strategies to improve the performance of the organisation Business Strategy Learning and development strategy People management strategy Leadership and management strategy Action to improve the performance of an organisation Management effectiveness Recognition and reward Involvement and empowerment

Learning and development Evaluation of the impact on the performance of the organisation 9. Performance measurement 10. Continuous improvement Others have described areas for attention that are more specific to human resource management, without explicitly linking the overarching business strategies to the human resource management dimension. In these cases, the following broad headings, with examples of areas for attention, could apply: Recruitment practices that result in the selection of excellent staff Accurate advertisements, job/role descriptions and person specifications and context information Appropriate selection tools and mechanisms Timely hiring Well planned induction Viable and attractive benefits and compensation packages Equitability of treatment/Relativities between individuals and work groups Appropriate for the market Employee performance management Individual staff objectives linked to business plans Regular feedback as well as formal appraisal Up-to-date job descriptions/roles Staff development and training that meets workplace requirements and individual needs; based on competencies required and developmental needs Skills audit/inventory Workforce continuity and Succession planning Monitoring of absence and resignation data Monitoring age profiles Appropriate maternity and paternity leave provisions Identification of single person/critical dependencies Knowledge sharing systems o Mentoring o Shadowing o Job rotation o Job exchanges o Documentation/expert systems

Exit interviews and management of knowledge handover Conformance with legal obligations Discrimination Diversity Privacy Health and Safety Freedom of Information Equal Opportunity Positive workplace culture Value defined and driven Change orientated, flexible culture Effective communication Plans, policies, guidelines available to all staff Positive encouragement/support for Innovation and continuous quality improvement Recognition and reward systems Engagement with work groups and union representatives Management of major change procedures Monitoring staff satisfaction Implementation SCONUL members should strive to demonstrate good practice in all these areas of human resources management. Members may be able to seek general advice (brokered confidentially by the Secretary) from other SCONUL members who have experience and expertise in human resources management, Drafted by SCONUL HR T&FG March 2006 Version 5 www.sconul.ac.uk/topics_issues/hr/hrbp_guidelines.pdf

Abstract

Here is a collaboration of Top Ten HR Practices that can help you achieve your organizational goals every year

Summary of practices

1. Safe, Healthy And Happy Workplace 2. Open Book Management Style 3. Performance Linked Bonuses 4. 360-Degree Performance Management Feedback System 5. Fair Evaluation System For Employees 6. Knowledge Sharing 7. Highlight Performers 8. Open House Discussions And Feedback Mechanisms 9. Reward Ceremonies 10. Delight Employees With The Unexpected

1. Safe, Healthy and Happy Workplace 2. Open Book Management Style

Creating a safe, healthy and happy workplace will ensure that your employees feel homely and stay with your organization for a very long time. Capture their pulse through employee surveys. Sharing information about contracts, sales, new clients, management objectives, company policies, employee personal data etc. ensures that the employees are as enthusiastic about the business as the management. Through this open book process you can gradually create a culture of participative management and ignite the creative endeavor of your work force.. It involves making people an interested party to your strategic decisions, thus aligning them to your business objectives. Be as open as you can. It helps in building trust & motivates employees. Employee self service portal, Manager on-line etc. are the tools available today to the management to practice this style.

3. Performance linked Bonuses

Paying out bonuses or having any kind of variable compensation plan can be both an incentive and a disillusionment, based on how it is administered and communicated. Bonus must be designed in such a way that people understand that there is no payout unless the company hits a certain level of profitability. Additional criteria could be the teams success and the individuals performance. Never pay out bonus without measuring performance, unless it is a statutory obligation.

4. 360 Degree Performance Management Feedback System

This system, which solicits feedback from seniors (including the boss), peers and subordinates has been increasingly embraced as the best of all available methods for collecting performance feedback. Gone are the days of working hard to impress only one person, now the opinions of all matter, especially if you are in a leadership role (at any level). Every person in the team is responsible for giving relevant, positive and

constructive feedback. Such systems also help in identifying leaders for higher level positions in the
Article: Top ten Human Resources Best Practices 1 http://www.empxtrack.com

Top 10 Human Resources Best Practices

By: Gireesh Sharma
organization. Senior managers could use this feed back for self development.

5. Fair Evaluation System for Employees

Develop an evaluation system that clearly links individual performance to corporate business goals and priorities. Each employee should have well defined reporting relationships. Self rating as a part of evaluation process empowers employees. Evaluation becomes fairer if it is based on the records of periodic counseling & achievements of the employee, tracked over the year. For higher objectivity, besides the immediate boss, each employee should be screened by the next higher level (often called a Reviewer). Cross functional feedback, if obtained by the immediate boss from another manager (for whom this employee's work is also important), will add to the fairness of the system. Relative ratings of all subordinates reporting to the same manager is another tool for fairness of evaluation. Normalization of evaluation is yet another dimension of improving fairness.

6. Knowledge Sharing

Adopt a systematic approach to ensure that knowledge management supports strategy. Store knowledge in databases to provide greater access to information posted either by the company or the employees on the knowledge portals of the company. When an employee returns after attending any competencies or skills development program, sharing essential knowledge with others could be made mandatory. Innovative ideas (implemented at the work place) are good to be posted on these knowledge sharing platforms. However, what to store & how to maintain a Knowledge base requires deep thinking to avoid clutter.

7. Highlight performers

Create profiles of top performers and make these visible though company intranet, display boards etc. It will encourage others to put in their best, thereby creating a competitive environment within the company. If a systems approach is followed to shortlist high performers, you can surely avoid disgruntlements.

8. Open house discussions and feedback mechanism

Ideas rule the world. Great organizations recognize, nurture and execute great ideas. Employees are the biggest source of ideas. The only thing that can stop great ideas flooding your organization is the lack of an appropriate mechanism to capture ideas. Open house discussions, employee-management meets, suggestion

boxes and ideas capture tools such as Critical Incidents diaries are the building blocks that can help the Managers to identify & develop talent.

9. Reward Ceremonies

Merely recognizing talent does not work, you need to couple it with ceremonies where recognition is broadcast. Looking at the Dollar Check is often less significant than listening to the thunderous applause by colleagues in a public forum.

10. Delight Employees with the Unexpected

The last but not least way is to occasionally delight your employees with unexpected things that may come in the form of a reward, a gift or a well-done certificate. Reward not only the top performers but also a few others who are in need of motivation to exhibit their potential.

'EmpXtrack' is a composite HR solution which helps in the institutionalization of most of these best practices by utilizing software tools. EmpXtrack team is always available to provide you with systems which are synchronized with your HR processes.

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