The HR policies are essential in order to attracting and retaining talent in a company, This will have an impact on both the quality of its employees and the overall profitability of the company in question. Because of this, it is very important to give them the attention they deserve, and above all to adapt them to the specific needs of each employee.
The human resources policies are the set of strategies designed and carried out by the human resources department aimed at managing the entire working life cycle of the employees.. From elements such as their selection to their retention and Motivation in the workplace.
This way, it's a very varied set of strategies, as they will take one form or another depending on the employee and the circumstances for which they are intended.
The main importance of HR policies is that they are a key element in attracting and retaining talent. In other words, they serve to retain the employee with the company and, consequently, preventative to excessive rotation and counterproductive to business interests.
On the other hand, the application of human resources policies goes beyond the Individual employee loyalty.
In this regard, it is important to understand that they are a basic tool when it comes to creating a good working environment. This also has a direct impact on employee motivation and their efficiency in their job.
In this way, HR policies are presented as a fundamental tool for improving the profitability that employees bring to the company. Consequently, they also constitute a fundamental tool for setting and increasing the company's overall profits.
The implementation of these types of policies will be the responsibility of the human resources department. Before carrying them out, it is advisable carry out a preliminary study of employees' needs, and what elements of the company require the most attention from different perspectives.
This way, the necessary information will be available to adopt the most urgent policies and, above all, those that can have the greatest impact on all workers.
This implies that There isn't a single battery of strategies which can be implemented in the form of HR policies. Rather, these must be adapted specifically to each circumstance. Nevertheless, in most cases, the most common ones usually focus on one of the following directions:
In this context, one of the strategies available within human resources policies that allow for an increase in employee remuneration is Flexible remuneration.
Flexible Remuneration is an option that allows part of workers' wages is converted into payment in kind, that they can spend on their personal needs (examples might include Transport Ticket, Ticket Restaurant or Nursery Ticket, among others).
Flexible Remuneration has the characteristic that the part of the worker's salary converted into vouchers is exempt from taxation. Thus, even though the employee's base salary is not increased, their purchasing power is.
This is because by using tickets as a form of payment instead of part of their usual salary, the worker does not lose the portion of purchasing power corresponding to the tax burdens that would apply to that part of the salary received as cash.
Furthermore, thanks to the the adaptability presented by Flexible Remuneration, Each worker can choose which part of their salary they want to convert into tickets and into which specific type of tickets they wish to use it.
This way, working conditions for employees are improved without the need to directly increase their salary, which constitutes HR policies that benefit both the employee and the company.
