PLAS offers specialized consulting services and tools in order to improve human resources (HR) management performance. Human Capital Services include the following:
- Strategic HR Operations and Processes Reengineering
- Post-Merger Integration and Transformation
- Reward Management
Human Capital is not only the people in organizations—it is what those people bring and contribute that can lead the organization to achieve its goals.
Human capital is the value of the capabilities, knowledge, skills, experiences, and motivation of an organizational workforce. The Human Capital is connected to the knowledge, the thinking and the creativity that people in organizations carry with them. All these organizational contributions illustrate the potential value of human capital.
The HR management cycle may be described through seven functions taking place within organizations. These functions may be grouped as follows:
Strategic HR Management Employee and Labor Relations HR effectiveness Employee rights and privacy HR metrics HR policies HR technology Union/management relations HR planning HR retention Risk Management and Worker Protection Staffing Health and wellness Job analysis Safety Recruiting Security Selection Disaster and recovery planning Talent Management Total Rewards Orientation Compensation Training Incentives HR development Benefits Career planning Performance management Equal Employment Opportunity Compliance Diversity Affirmative action
The strategy that an organization follows could be its proposition for how to compete successfully and thereby survive and grow.
For that reason, it is important that all HR functions are aligned with the company’s overall strategy that will contribute to achieve the organizational goals. Organizations need to develop strategic HR goals that are aligned with the overall organizational vision, mission, values and objectives.
Based on our experience, we can help you in the following 4 processes:
- To analyze the current company state and the existing HR processes & framework
- To formulate all the alternative scenarios
- To design the new processes and operations
- To implement the proposed changes
The global business landscape in almost all industries has undergone major transformations. Both private and public companies / organizations, have responded with larger or smaller scale mergers and acquisitions or privatizations as a result of various imperatives (e.g. deregulation, cost optimization, etc). Mergers and acquisitions, privatizations and corporate restructuring are a major part of the corporate finance world.
One of the most important, and most difficult tasks is to establish, up-front, the organizational goals of the M&A / privatization investment. Organizations of all sizes in all business sectors are increasingly looking to mergers and acquisitions (M&A) to support their global growth strategies, while State Authorities implement ad hoc or large scale privatization programmes and HR professionals must be ready to manage the people opportunities and risks inherent in these transactions.
However, it is common that parties involved still emphasize to the evaluation and integration of ‘traditional’ financial and accounting dimensions, giving little emphasis on intangible assets which may not be visible on balance sheets. These intangible assets however, can ultimately make or break the success of a merger or an acquisition.
PLAS in collaboration with PLANET can help and support its clients, towards the successful completion of post-merger integration, in the following distinct areas:
HR environment/climate and corporate culture assessment
Dealing with cultural issues is one of the biggest challenges to successful post-merger integration. This is a complex issue and during M&A or privatization implementation, three aspects of culture – national, organizational and management culture – must be considered.
PLAS can help design and implement customized employee surveys, enabling the company to acquire a clear view on employees and/or managers change readiness and accurately identify the characteristics of existing corporate climate and assess corporate culture compatibility.
HR Policies, procedures and systems alignment
During a merger, almost all departments within the involved organizations will undergo important transformations, as a result of a company-wide reorganization aiming at resources optimization and economies of scale. In many cases, the merged organization will have to cease the operation of duplicated departments, and blend involved resources, processes and procedures.
PLAS can help its clients in the mapping of involved companies’ HR Policies, procedures and systems, in the identification of gaps and/or overlaps and in the development and introduction of common HR policies and procedures. Additionally, we can support the HR Department, to successfully plan and implement all the required modifications in the organization structure.
Voluntary Retirement Schemes (VRS)
Under the existing global circumstances, right sizing of the manpower employed in an organization has become an important management strategy in order to meet the increased competition. The voluntary retirement scheme (VRS) is a technique to provide overall reduction in the existing headcount of a company. This technique is commonly used by companies to dispense off the excess manpower and thus improve the performance of the organization. It is an appropriately sized, severance payment to persuade the employees to voluntarily retire from the company.
A firm may be interested in a voluntary retirement scheme under the following circumstances:
- Due to intense competition, the establishment becomes unviable unless downsizing is resorted to.
- Due to recession in the business.
- Due to joint-ventures with foreign collaborations.
- Due to takeover, merger, or privatization.
- Due to obsolescences of Products offered /Technologies deployed.
Based on our experience as well as on best practices we can support our clients towards the development and execution of suitable, cost effective Voluntary Retirement Scheme (VRS), customized and tailored to the fulfilment of company specific needs.
Specifically, we can help organizations with the identification of VRS candidate groups, with the design of the scheme, with the assessment of the relative financial cost and benefit, the definition of the incentives framework as well as with other, arising VRS deployment issues. Additionally, we can support the development of relative communication plan, providing employees with information on the benefits and consequences of the plan.
Reward Systems are a critical part of any organization’s design. How well they fit with the rest of the systems in an organization has an important impact on how effective the organization is. The reward system must be based on organizational philosophy and strategy and will contain several arrangements in the shape of policies, guiding principles, practices, structures and procedures adequately designed to provide and maintain appropriate types and levels of pay, benefits and other forms of reward.
PLAS works with clients to ensure that reward management strategies support the achievement of the organization’s business strategies and satisfy the needs and aspirations of employees for security, stability and career developments as well as they achieve internal equity and external competitiveness.
Our Reward Management Services aim to:
- foster retention and motivation of key people
- set up an effective compensation policy useful for all the company’s employees
- implement a well- designed incentive scheme
- align individual behavior with corporate objectives