Depending on the strategic emphasis, a company can reap the following benefits from an HR strategy:
Orientation: A strategy provides a sense of direction and includes milestones and built-in accountability. Higher Morale: Having a people-centric plan that management, HR, and employees support has positive downstream effects on employee satisfaction, performance, and workplace culture. Stakeholder Empowerment: An actionable plan creates a sense of purpose, ownership, and responsibility for stakeholders at all levels. Empowerment boosts engagement which increases the chances of success. Better Retention: An HR strategy provides direction which, in turn, brings about a cohesive, more engaged workplace culture that employees want to be a part of. When employees want to stay, reduced turnover means decreased hiring expenditure. Preparation and Resilience: When HR has a strategy in place, it minimizes the chances of business disruption that can arise as a result of skills gaps or staffing shortages.