ICYMI— The Human Resource Lifecycle of a Business
By: Alex Eichenberg, Liz Barton & DJ Snyder
Employees can either make or break your business. Employee Benefit News reported that it costs employers $15,000 per employee (based on $45,000 median salary) to replace. We know that every business wants to improve its bottom line, and one way to do that is to better understand the different aspects of human resources.
We want to share our expertise and knowledge about the lifecycle of an employee – from hiring to firing – with you. Below is a recap of our June Bank & Brews workshops focused on four aspects of human resources which are vital to a business (and improving the bottom line): hiring, building, coaching & disciplining employees. Make sure to download the templates from each workshop!
Workshop #1: How to Hire the Right Employees
- It is important to hire hard and deselect fast
- Create a job design for the employee
- Ensure job duties are clear, have the employee sign the job design and keep a copy for yourself
- Always check for references and make sure to ask open-ended questions in the interview
Workshop #2: The Importance of Onboarding & Orientation for Your Employees
- Make a list of everything you’d like the employee to know on the first day of work (i.e. where to park, dress code, etc.)
- Onboarding is more technical and covers first day items, and orientation focuses more on the company’s mission and set of values
- Onboarding should occur the first day the employee is hired, and orientation can take place a few weeks up to a few months after the employee begins
- Break bread with your employees and get to know the employee as a person and not just as an employee
Workshop #3: The Art of Coaching Your Employees
- Set expectations with your employees
- Complete a 90-day review after the employee has been hired & use the job design to hold the employee accountable
- Have the employee set a one-on-one meeting with you & drive the meeting agenda
- Utilize an employee handbook and have the employee sign it on an annual basis
Workshop #4: Understanding the Right Time To Let Someone Go
- Communication is key; employees leave managers, not companies
- Refer to your employee handbook which should outline policies and procedures
- Identify behaviors that are an “absolute” for you (i.e. you must call on the phone if you are going to be sick, an email is not sufficient)
Information about Bank & Brews
In partnership with Start Up Waco, Bank & Brews is designed for anybody who wants to learn more about starting or growing a business! These monthly events are free and hosted at Hustle Co-working space. Visit Extraco’s Facebook page to learn more about upcoming Bank & Brews!
About Extraco Banks®
Extraco Banks and its affiliate companies are dedicated to building people, businesses and communities. Since the Great Recession, Extraco has extended over $2.5 billion in loans to 25,000 customers, while financially supporting over 1,275 community organizations working to create economic vibrancy, job growth and overall quality of life to our communities across central Texas. Founded as a cotton warehousing company, Extraco, at $1.4 billion in assets, is the largest and most comprehensive locally owned bank between Dallas and Austin, serving over 120,000 customers’ banking, mortgage, insurance and wealth & trust needs with creative and innovative excellence. Learn more at: https://www.extracobanks.com/.