HR Strategy is a Key Growth Differentiator
In today’s competitive market, SMBs face numerous challenges, including complex compliance laws, a shrinking talent pool, and limited resources. Despite these hurdles, prioritizing HR best practices can be a game-changer. Our 2024 survey data reveals a clear correlation between the application of these HR best practices and business growth.
Whether you’re looking to refine your recruitment processes, enhance employee benefits, or ensure compliance, the insights from this report will help guide your strategic HR decisions.
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The Value of Strategic HR
While compliance with labor laws and regulations is fundamental, a strategic HR framework goes much further. Our survey confirms that HR best practices include creating a work environment where employees feel informed, equipped, engaged, and recognized.
Informed Workforce
Keep communication transparent so everyone knows the vision and their role in achieving it
Equipped Workforce
Provide the right tools and continuous training to help your team excel.
Engaged Workfoce
Foster a positive culture where employees feel connected and motivated.
Recognized Workforce
Implement a recognition program to celebrate achievements and milestones.
Best Practice Consistency
Fast-Growth companies consistently outperform their Zero-Growth counterparts. On average, the fastest growing small businesses are about 20% more likely to embrace HR best practices across the the employee lifecycle.
Retirement & Recruiting
About a third of Fast-Growth companies–even those with 25 or fewer employees–offer 401(k) savings plans. Job seekers often look for employers who offer retirement benefits, seeing them as a sign of a stable and supportive workplace.
Compliance Concerns
When it comes to compliance, “best practices” should be applied 100% of the time. The report reveals how small businesses cope with compliance, and which areas are at risk.
Wellness Wins
Fast-Growth companies embrace trending, top-of-mind benefits like Wellness programs. In fact, even the smallest Fast-Growth are more than 40% more likely to offer Wellness programs than their Zero-Growth counterparts.
8 HR Best Practice Categories
- Recruiting & Hiring
- Benefits
- Onboarding
- Development
- Compliance
- Retention
- Performance
- Post-Employment
Fast-Growth Companies Prioritize HR
The report underscores the importance of HR as a strategic business discipline. Fast-Growth SMBs—those that reported significant growth last year—consistently applied HR best practices more frequently than Zero-Growth businesses across all HR categories.
Do you prioritize HR?
Read the report and see how your small business stacks up.
More Strategic HR Resources
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