Greater Control Means Less Risk!
Identifying and assessing risk is an important aspect of any job, and HR is no different. Businesses are looking for HR to become more accountable and so giving HR teams the tools to identify risks in all of their employee relations cases can give them a better understanding of their cases and the potential impact on a business, financial or reputational.
So what's the best way to manage the risk of your employee relations? We sat with ER Tracker Product Director Andy Shettle to discuss how User Defined Fields can be utilised to manage your risk.
Risk management of cases is vital to ensure that uncertainty in cases is managed in the interest of the business. While all cases carry an element of risk if not managed correctly, some cases will stand out as higher risk. You may use a simple risk matrix of likelihood versus impact to determine the risk rating of a case.
Likelihood of the risk materialising is hard to gauge and is often based upon one’s personal view or experience of being involved in similar cases.
The impact may be determined based upon a number of possible scenarios like financial impact on the business if you don’t manage the case successfully or the intangible impact on the business’ reputation. For instance, next time you're recruiting, you may not get the same calibre of applicants. Understanding the impact of a case from the outset is paramount to ensure the appropriate response is considered.
Our customers can now manage their case risk closer with the introduction of User Defined Fields. Fields such as likelihood and impact can be recorded against each case along with the risk rating. If a case is identified as being a high risk it doesn’t stop there. Being able to create a risk action plan or mitigation plan listing the steps that will be taken will increase the chance of managing the case successfully by demonstrating what will be undertaken.
With the UDF functionality being able to report on likelihood, impact, risk rating and risk action plan, it has never been easier to provide assurance that case risk is being managed and in turn reducing the risk posed to the business.
Giving your HR team the right tools to manage their employee relations cases and the visibility of analytical data means you have the information you need to manage effectively and be more accountable. Greater control means less risk!