Obviously, if your business is to invest in smaller companies, then you want to be sure that the companies you are investing in will succeed. What is a good marker of an up and coming company? Obviously, staff plays a key role in the development of a young company. For this reason, innovative human resource management can push a business to its full potential.
If a company is applying innovative ideas in HR then it is more likely to succeed. For example, think about the hiring process. Very often this is left up to just one or two individuals. Sometimes a person is hired simply because they interview well. Their resume may not even accurately depict their skills. This can result in the wrong person being hired which is a waste of time and money, besides the damage caused by any poor work produced by the individual. How can this be avoided? Multiple levels of interviews have helped to weed out some of the less desirable hires. An even further innovation, however, is the idea of a hiring committee. When a group of individuals discuss together an application after at least several of the committee members have conducted interviews, this may result in a better chance of hiring the right person. The committee can even meet between interviews, so that everyone can have a chance to add things they would like the next interviewer to ask. It’s better to spend a little extra time and be confident of what you are getting. That makes this process an innovative idea in HR.
Innovative human resource management also involves providing benefits for your employees the smartest way possible. There is a reason why more people are traveling to other countries to have surgeries. Medical care, especially in the United States, has become incredibly expensive. Some companies have taken an innovative step to curb these expenses. They cut a deal with a particular health facility or provider for a particular service. For example, they may agree to have all of their patients who require a non-emergency heart procedure go to the same cardiac care center. The facility may in turn provide the care at a discounted rate, since they realize this will result in increased business for them.
It is these types of innovative ideas in HR that result in the expansion of smaller corporations into big businesses. Smart and creative HR decisions can show what a company is truly made of.