Imagine a world where your employer allows unlimited vacation or lets you start your workday at 7 am so you can collect your children from school at 4 pm. Imagine if your employer gave you the flexibility to travel for a year while completing your work as normal?
Personalized HR is all of this and more. A ground-breaking evolution in people management, which can be just as beneficial to the company as it is to the employee. In fact, companies are using technology and services to introduce personalized HR for their employees, will also enjoy the added benefit of global opportunities.
Does personalized HR lead to happier, more productive employees while giving companies global gains? It seems too good to be true. So, what exactly is personalized HR and how will it help a business go global?
What is personalized HR?
Personalized HR is the new style of HR, that could transform the way we work. Workforces are now a mixing pot of different generations with diverse roles and individual requirements. It allows an employee and business to create a custom HR package as a part of their role. It sounds small, but it actually changes the employee experience from interview to exit – it’s the future of work.
The idea is to customize HR to match employees’ roles, circumstances, work/life balance and the company’s objectives. This ‘Total’ benefit approach should address compensation, benefits, well-being, development and recognition, according to Deloitte.
What can be personalized in HR?
Custom location options may include:
- Working from home for some, or all of the time
- Working hours to suit employee and company
- Relocation to different area or country
Custom benefits for the employee include:
- Options for healthcare, dental and vision benefits
- Roll-over and buying/selling of vacation days
- Health and Mental health days
- Childcare schemes
- Commuter loans
Custom learning and development programs:
- Technical development for role evolution
- Individual development for the employee
How does personalized HR help businesses to be productive?
While it may seem as if the employees are the ones reaping all of the benefits, there are already many indicators that show that this style of HR is beneficial for businesses too.
Business advantages of personalized HR:
- A business becomes more attractive for the employee and potential new hires
- More likely to retain employees, lowering long-term HR costs
- Personalized mindset is more productive
- Encourages positive and active engagement with business
Around half of US employees are not engaged with their job and have lost their passion for it, according to Gallup. A further 13% are actively disengaged from their workplace and are actively sharing their discontent with the rest of the business. Only 35% of employees are actively engaged with their workplace.
Gallup also found that employees who are actively disengaged have 37% higher absenteeism and 18% lower productivity. When you apply those percentages to the whole business, those numbers are huge.
With so many disenfranchised employees, action must be taken to align them with businesses. The personalized HR approach engages employees with an entirely different perspective than the standard-issue Monday to Friday, 9 to 5 job by prioritizing the work and the employee, rather than a fixed framework.
How personalized HR is helping companies to go global
When a business embraces the opportunities of personalized HR, remote workers and diverse roles, it also opens itself up to working with a global mindset.
Employing a few remote workers in different locations globally instantly creates an international workforce and when combined with personalized HR, a company can have 24/7 global coverage. The flexibility of custom hours enables a company to reach customers all over the world whenever they want, while still having an active presence in each of the countries. It’s a gamechanger.
Expansion plans start with an overseas employee
This workplace structure can help a business expand simply by employing a single employee overseas.
However, the prospect of global expansion can seem daunting to many. Creating a local presence, launching an entity and registering are just some of the hurdles for businesses. But this doesn’t need to be the case.
There are specialists – Employers of Record (EOR), which enable a company to expand into a country by placing employees there. The business doesn’t need a local entity, nor it does need an office or even a local bank account. The EOR works as the active employer of the worker in the chosen country and is solely responsible for all local labor law and tax compliance. The business continues as the acting employer and can focus on their employee, their new market and their business while the EOR handles all wages, taxes, HR requirements and compliance.
However, every employee hired through an EOR service will have personalized HR as standard, as each employee is set-up individually with custom requirements in line with each business’s unique rules.
Be More Productive
Personalized HR will enable a business to be more productive, more competitive and global. Businesses can reach for opportunities that were previously beyond them because of the traditional 9 to 5 environment, while saving money and hours.
When aligning personalized HR with specialists such as an Employer of Record, a company can simplify global expansion, cater to new markets and extend their service hours. It isn’t the future of work, it’s the future of business.
About Elements Global Services:
Elements Global Services is an award-winning HR technology & services company. Elements provides employment solutions in over 135 countries – covering everything from payroll, benefits, HR, local compliance to visa & mobility. Headquartered in Barcelona, Spain, Elements has a global network of offices and employees delivering innovative solutions to its growing customer base. Elements’ Direct Employer of Record model helps companies expand, onboard, manage & pay employees worldwide. Visit www.elementsgs.com, LinkedIn or Twitter for more information.