If you think human resources (HR) is your highest sunk cost, you’re right. If you think HR is your biggest profit driver, you’re also right. What gives? You get out of HR what you put into it. And it isn’t just about budgets and staffing and benefits, either (i.e., sunk costs). In the simplest terms, company performance is directly related to how well HR empowers employees to do their best work every day, week and year.
With the new world of work changing hiring practices, internal mobility is becoming more and more relevant as companies look within their organization and redeploy their talent to where it’s needed most. Even before the pandemic, we predicted that internal mobility would be a top trend in 2020, finding that internal role changes within organizations (via promotion, transfer, or lateral move) have increased by 10 percent over the past five years.
Employers in the U.S. have not rushed to offer their workers a suspension of Social Security payroll taxes through the end of the year, given that employees would need to repay those deferred taxes during the first four months of 2021—unless legislation is enacted to forgive this obligation—under guidance the IRS issued Aug. 28.
Could your business benefit from our expertise on background checks, EEOC compliance, drug screenings, workplace policies, and solutions to your HR needs? Contact KRESS today for exemplary customer service and a custom solution for your needs. We are here to help.