4 Signs You Need an External Strategic HR Partner
There are two types of HR expertise: strategic and tactical. Strategic HR helps provide a big-picture and long-term vision for your company by offering insight and identifying action to create engaged, high-performing teams. They also assess talent and make sure the organization is structured to reach its goals. Their job is to create a “people” strategy to match the business strategy.
The mission of strategic HR has a direct impact on business performance and the ability of tactical HR to do its job well. Tactical HR handles benefits, payroll, compliance, etc. Overall, having a rockstar partner in strategic HR can help take your organization to the next level by reaching your highest potential. It focuses on the overall business strategy through the HR department objectives and helps you maintain your competitive edge.
Yet, most businesses have tactical HR before they have strategic. Naturally, you need someone handling the daily tasks of benefits or payroll before you need HR focused on business strategy. Nonetheless, both types of HR are necessary if you’re ready to grow and expand. Here are the top 4 signs you should invest in a fractional strategic HR partner.
What are the signs you need a strategic HR partner?
1. Your company’s success is highly important to you .
The best leaders implement strategic HR because great plans are nothing if you don’t implement them. Having a strategic HR strategy that breaks down into practical daily solutions allows you to see success more clearly.
Remember, the best investment you can make to ensure your organization’s success is in HR. Every company can benefit from the skills and knowledge that a strategic HR partner provides.
2. You need HR support, but you can’t afford it.
At this point, you may be sold on HR support, but you may be worried about your bottom line. This is where fractional strategic HR partners come in. Fractional HR executives are only part-time, which means they’re a fraction of the cost of full-time employees.
However, you won’t sacrifice any of the knowledge by going this route. Fractional HR partners have all the expertise that small to mid-sized business need (and more!), but you’ll only hire them part-time. It’s a win-win. Higher value, less investment.
3. You want to gain access to new thinking
You may already have competent tactical HR personnel who just aren’t giving you the strategic perspective you need to grow your business. This is where fractional HR comes in. You’ll not only gain additional skill in your human resources department, but you’ll also bring new perspective to your business overall. Even if fractional strategic HR executive is only a temporary addition to your team, your existing staff can gain exposure to new skills and acquire fresh techniques for their portfolio.
4. You’re looking to reduce turnover
Turnover comes at a high cost (anywhere from 50 to 200 percent of salary depending a
Sources
5 Reasons to Hire Interim HR Experts - Consider Fractional HR Talent. (2019, October 30). Retrieved November 22, 2020, from https://inspirehumanresources.com/fractional-hr-talent/
Tactical HR vs Strategic HR - What's the Difference? (2020, May 29). Retrieved November 22, 2020, from https://www.corbanone.com/tactical-hr-vs-strategic-hr-whats-the-difference/