Every company relies on a steady, talented workforce to be the best in its niche. But without solid HR strategies, your staff will be less than stellar, incapable of producing top products or providing the best services for your target clients.
As a high-net-worth executive, you need to know how to maximize the effectiveness and productivity of your existing staff, as well as how to attract top talent going forward. Let's break down some key strategies you should employ for your HR department in the near future.
Design and Implement an Effective Onboarding Process
One of the first things you'll want to do as a high-net-worth executive is set up and maintain an effective, efficient onboarding process. As you likely already know, the onboarding process for new employees is their first impression or taste of what it’s like to work at your company.
The better the onboarding is, the more likely the employee is to stick around and transfer loyalty to you, their new employer.
More broadly, however, a good onboarding process gives your team a chance to educate a hire and make sure they are ready for their daily tasks right from the get-go. Rather than drowning your new employees in paperwork and processes they don't fully understand, they'll feel supported and ready to jump into the action, plus do things right the first time.
In the long run, a good onboarding process makes an employee less likely to cause legal or productivity troubles for you later down the road.
Prioritize Ongoing Learning
More and more employees aren’t content to stay at the same organization doing the same thing for decades on end. You likely empathize with this drive and ambition, as it’s what got you to your position in the first place!
To both attract and keep top talent at your company, you need to prioritize ongoing learning opportunities for your employees. Training modules, seminars, certificate programs, and more are just a few examples of the things you can provide your rockstar employees so they are always building their skill sets.
Think this will inspire employees to jump ship for a competitor? Think again. Employees who are supported in this way are more likely to stick with their current employer and pursue advancement opportunities in the same company. That's a big bonus for you, as it means you can stock your ranks of middle managers and upper-level managers with the best of the best.
Have Accessible Communication Channels
At the same time, to practice good HR and build an excellent workplace culture, you need to have accessible communication channels. This isn’t to say that every employee needs to have your number on speed dial. You have many more important things to do.
But your employees should have someone to talk to if they have questions, concerns, or if they just need to vent about an employee that’s giving them a hard time. Accessible communication channels make your employees feel seen and heard: key elements when cultivating and fostering employee loyalty for years to come.
Accessible communication channels also give your HR department a way to collect internal feedback about your organization. That feedback, in turn, may allow you to make consistent, ongoing improvements to your brand, making it a better place to work and more attractive employment prospects for the best workers in your industry.
Offer Strong Benefits
Salaries are important elements of any job offer. But so are benefits. Insurance, daycare, and other strong benefits are some of the best tools you can use to attract great employees to your business.
As a high-net-worth executive, you should already know that, after a certain point, money is money: it's the perks that differentiate one position from another.
Strong benefits can help your HR team list competitive position offerings to the top talent in your industry or niche.
Those benefits, as well, will contribute to an overall satisfied employee base, which may cut down on the likelihood of employees leaving your brand for a competitor and reduce the likelihood of employees suing your organization for one reason or another.
Promote a Culture of Transparency
A company’s culture is one of its most important yet intangible assets. If you have a strong culture, your employees will feel supported, and there will be fewer interdepartmental problems between different employees.
One of the best ways you, as a high-net-worth executive, can boost workplace culture is to promote transparency. A transparent culture is one in which employees don't feel like they can't say what they really mean or think.
In other words, maintain an open-door policy if possible. If not, at least make sure that employees know they can bring any question or concern to the HR department. Your HR department should act like a hub for all the concerns or needs of the employee base; it’s not just about hiring and firing workers, after all.
This is also an important HR strategy if you’re an executive for your company. Why? The last thing you want is for your employees to be talking behind your back or the backs of your HR staff members. You need to know what your employees are thinking or feeling to effectively take the pulse of your organization.
Inclusivity is extremely important, especially if you prioritize hiring a diverse workforce. It’s critical for two big reasons:
- The best workforce is likely comprised of people from a variety of different backgrounds and origins
- If your workforce is to truly work well together, and if your employees are all to feel comfortable, you need to value inclusivity and make that a key part of your workplace culture
You can value inclusivity by promoting DEI initiatives and training modules or by making inclusivity a core part of your work culture. Actions speak louder than words, of course; be sure that your employees see you walking the walk in addition to talking the talk in order to facilitate real, lasting change.
Have Specialized Hiring Protocols for Niche Cases
From time to time, you may need to hire a specific individual for a sensitive case. As an example, if you need to hire a PR agency or representative for a public relations crisis, you may not want to announce that far and wide on social media.
In instances like this, it helps to have specialized hiring protocols that your HR department can follow. For instance, your HR department can use an in-house headhunter to identify and reach out to potential candidates for the role, then contact them discreetly to see if they are available and interested in the opportunity without showing outward concern to the general public.
Safeguarding Your Assets Becomes Crucial with More Employees
With the above staff and HR strategies, your business will grow and thrive in its market environment. But there’s a cost that comes with continued success. The bigger your business grows, and the more employees you attract, the larger your risk of a lawsuit – either against your company or you as an individual – becomes, too.
That's why it's critical to know how to safeguard your personal assets, especially as a high-net-worth executive. The last thing you want is a disgruntled employee to breach your financial defenses. You can't rely on a domestic trust to get the job done; for something this important, an expertly drafted offshore asset protection trust is the only solution.
That's where Dominion can help. Contact us today to learn more about asset protection for high-net-worth executives just like yourself.