The phone is ringing hot since we have been back and several of our customers are seeking us out to support right sizing of their business, specifically around remuneration reviews and restructuring.
These are really important parts of your business to look at regularly as they help set the foundations and ensure you are well positioned for success.
Here are a few things to think about if you are looking at a potential restructure:
Understanding your business needs is really important, take the time to link the business’s strategic current and future goals to its structure and people practices to help make informed changes.
Look for the waste in your business, be critical on what improvements could be made immediately and what might be gradual. Changes in isolation very rarely shift the dial but a number of small changes over time helps creates the meaningful impact that you may be looking for.
Ensure you meet legislative requirements, this is where the team at No8HR can support you - whether you are new to management and HR or have led these processes before, we’re here to help.
If you do decide that more significant change might be what’s required, take the time to consider and connect with your team to understand the impact this may have, you can manage conversations from here accordingly.
Reviewing what and how your team are paid is vital hygiene practice for any business, and getting it wrong can have a negative impact on your relationship with your team members. Understanding the market is challenging, especially if it has been some time since you completed a peer review. No8HR is well informed when it comes to this data, so if you want an accurate picture of where your business sits relative to the other businesses please reach out.
A common misconception is that increased salary equals increased productivity, we know through our own experience and the extensive research available in this area is that although they may be connected, increasing a salary by 5% doesn’t equal a 5% increase in productivity.
On a final note
Whether it’s already part of your annual process, or perhaps the new year has triggered your desire to get these fundamentals right, give the team a call for a chat about how we can best support you in 2024.