6 Benefits of Human Resource Planning

Wikipedia defines human resource planning as “a process that identifies current and future human resource needs for an organization to achieve its goals.” So, basically, organizations need HR planning to ensure that the HR requirements are pinpointed in advance and strategies are brought in to meet those requirements. It covers everything from building a good employer brand to retaining good talent and preventing attrition. It is also required for the digitization of the HR functions in the most optimum way, including the investment in effective HR Management software – such as Digital HRMS & BeehiveHR – to increase the efficiency of the department. Planning things way in advance can bring a lot of benefits for the HR department and this article talks about 6 of the key ones.

1] Human Resource planning ensures that your HR department is well aware of the future recruitment needs of the organization and is able to anticipate the type of manpower that would be required and the vacancies that are likely to come up in the near future. Every organization has employees of different skill sets and experience. HR planning, if done effectively, can help the organization maintain a ready pool of the required number of resources with specific skillsets.

2] HR planning, if done well, can prove to be really cost-effective for the organization. This is because at any given time, there would be a much-needed balance in the number of employees in the organization, without the possibility of a surplus number of resources working on projects. Too many employees – more than the number required to get the job done – can be touch to manage and can also turn out to be expensive.

3] Human resource planning ensures that the functioning of the organization and its various processes is never hindered by the lack of availability of the resources at the right time. With the prior knowledge of the kind of resources that would be required, it becomes easier for the HR team of an organization to manage the recruitment process in such a way that the right resources are brought on board before a certain process starts. Plaining in advance also makes it possible to conduct internal job postings to fetch resources from other teams within the organization, if new resources with the required skill set are not available at the time.

4] HR planning helps address the issue of large scale vacancies resulting from the expansion and diversification of the organization. In the absence of proper planning, getting skilled resources in large numbers can prove to be quite challenging and might result in unnecessary delay in the recruitment process. However, having a plan in hand makes it easy to ensure a smooth expansion process for the organization and have some of the best talents on board.

In other words, it ensures that the organization is never short of employees with the skills and know-how required to manage the challenges arising out of a major change, such as expansion or diversification.

5] Human resource planning helps the HR department to foresee the skill sets that would be expected from the employees in order to successfully accomplish the tasks in the future. This way, they can plan training and development sessions for the employees to make them learn and master the required skills well ahead of time. So, even if the organization is expected to need highly skilled resources for a project, HR planning gives ample time to train the current employees instead of hiring talent at the last moment. This also contributes to employee skill development and boosts employee morale.

6] With the increasing demand for skilled resources, it can be difficult to find the best talent as employees today have many options. In such a scenario, an organization needs some meticulous HR planning to get the best talent on board. This allows the organization the privilege of having the time to scout for talents and build a team that comprises of some truly brilliant minds.

So, you see that there are multiple ways in which your organization can benefit from effective human resource planning. Right from saving costs to helping you bring in the best talent on board, there are many reasons for you to consider it. Does your organization practice HR planning? Share your insights in the comment box below.

How much superannuation is enough? Retirement Financial Planning

Others may be hoping to retire earlier because their current job is physically demanding.

Whatever your retirement goals, making sure you fulfil them is largely down to how much you have saved in your super. The government Age Pension may seem like a reassuring safety net, but it’s not really designed to fund the standard of living you’re probably hoping for.

With life expectancy for a 60 year old expected to rise from 86 for men and 89 for women now to 91 and 93 respectively by 2055, many of us will spend more than a quarter of our life retired.1 And as our population ages, it’s likely age pension entitlements will continue to change – making it more important than ever to be self-sufficient in retirement.

The life expectancy of Australians continues to rise, so you could spend more than a quarter of your life retired.

So when Retirement Financial planning you ask when can I retire?

The first decision you need to make is when to retire – and this will depend on many personal considerations. Start by checking your age pension entitlement age and ‘preservation age’ (when you can access your super) here.

For example, if you’re born in 1957 you’ll be eligible for the age pension at 67 but you can access your superannuation savings from the age of 55.

The amount of super you will need once you retire depends on:

the lifestyle you want
your health and medical bills
how long you live after retirement
any other one off or ongoing repayments or financial responsibilities.
The Association of Superannuation Funds of Australia (ASFA) Retirement Standard2 benchmarks the annual budget needed by Australians to fund either a comfortable or modest standard of living when they retire, and is updated quarterly.

ASFA defines three levels of living standards, and assumes you own your home outright and are relatively healthy.

Comfortable

A comfortable retiree could afford a decent annual holiday in Australia and eat out regularly at good restaurants. You would be able to make home improvements, have a reasonable car and hold private health insurance.

Modest

A modest lifestyle could afford you short holiday breaks in Australia, with some cheaper eating out at local restaurants. You could repair your home but wouldn’t have the funds for any major improvements. You might have an older car and private health insurance.

Basic

If you need to rely solely on the age pension, you would find additional expenses such as car repairs, leaking roofs and holidays a challenge. Even heating bills could cause you financial stress.

How much money will I need?

According to the ASFA Retirement Standard, a couple that owns their home and is relatively healthy needs $34,051 a year for a ‘modest’ lifestyle. For more ‘comfortable’ this rises to $58,784 a year. You can take a look at how this budget works out here.

So as part of your Retirement Financial planning saving enough for a comfortable retirement could be a challenge for a couple on the average wage. According to a 2015 report from the Australian Institute of Superannuation Trustees (AIST), a full-time worker on average wages from 1992 (when compulsory super began) to 2014 should have super assets of around $131,000, based on compulsory employer superannuation contributions alone.3 So without additional voluntary superannuation contributions being made by that full-time worker, they are likely to have a significant funding gap between their current super assets and the amount they need.

Remember, the ASFA figures are benchmarks that exist to help you work out if you have the super savings to fund the retirement lifestyle you want, and everyone’s expectations are different hence why Retirement Financial planning is personalise matter. Another approach is to assume you need two-thirds of your current salary to keep living the same sort of lifestyle you currently have.

It’s never too late to save

Even if you make modest additional contributions to your super later in life, it could still make a difference to the type of retirement you enjoy.

So, if you’ve identified a difference between your super balance and the benchmark figures required Retirement Financial planning is a must.

Different Circumstances Come Under the Unfair Dismissal

Either being dismissed for an unfair reason or being dismissed with an unfair process, both the circumstances come under the unfair dismissal. In any of the cases, if you have been dismissed unfairly, then you can claim for compensation against your employer. In order to legally protect yourself, it is important that you should be well aware of the legal formalities that are involved into the same. An individual can terminate a contract only for a specific reason which adheres to the legal agreement. If the agreement conditions are not fulfilled or the company is dissatisfied from the performance results, only then can an employer dismiss an employee. You might just need the right Asbestosis Solicitors who can make an easy process of dismissal for you.

You need to make sure that you follow the right procedures to get the dismissal process accomplished. There are various procedures and legal formalities that are involved into the process of dismissal. It is important for you to well understand all these procedures and make sure that you do not falter in the process. As these procedures are quite complicated, there are good chances that you might not understand certain laws to be followed and end up getting stuck in some mess. The consequences of not following the law can be severe and might drag you to the court for ignorance. This is exactly where the Humphreys & Co. Solicitors play quite a major role in helping you out with all the procedures with their efficient team of Asbestosis Solicitors.

In order to claim for an Unfair prejudice Compensation, you will have to apply employment tribunal. Though it is firstly recommended to solve the issue by making a formal complaint to your employer to try settling the issue, you always would have an option to take extreme steps. Keeping updates proof in account is one of the most important things to do. While selecting the solicitor for the same, it is important for you to first make sure that the solicitor you select must have good amount of experience. It is always better to select a professional solicitor for the same. Even a firm with a team of professional solicitor could work the best.

At Humphreys & Co. Solicitors, we have a team of experts and proficient people who are quite experienced and well versed with the industry. If you have any kind of a problem in regards to the unfair prejudice Compensation, then we offer one the most satisfying services to you. Understanding the importance of consumer oriented services is necessary in order to deliver satisfactory results and this is exactly what we do at Humphreys & Co. Solicitors. In spite of the complex formalities and the legalities, we make sure to make things easy for you. Once you hire our services, we make sure that there is nothing that you need to worry about. With the unbound value services that our professionals deliver, we promise satisfactory and expected results to each of our customers. Our team has been carefully selected through a rigorous process of training and tests which make sure that we have a gem of solicitors to facilitate you get your rights.

Humphreys & Co. is UK’s leading solicitors firm that provide all types of solution for Register a Trademark in Europe & Passing Off.