Secure the budget for your capital project - here's how
It can be challenging in any environment to secure the budget for a capital project such as an HRIS. Our HRIS partner - Onyva HR Software - shared a few strategies that can help you earn stakeholder support and ultimately, get the investment budget you need. Read their six tips for achieving buy-in, support and budget for your project.
Achieving buy-in, support and budget for your project may include elevating your personal brand as well as your department and function. Human Resources departments often face challenges securing capital investments in projects even though they are an important part of building and sustaining a dynamic workplace and culture. Here are some ideas to help you "sell" your project to decision makers & C-Level executives in your organization:
1. Know your C-Suite
A good sales executive must study and know his or her clients' to best meet their needs. Similarly, today's HR Manager must know the issues and constraints that the decision makers of the company are facing.
- Read communications so that you're aligned with current business challenges, concerns and objectives. Study economic and environmental factors relative to your industry and be able to identify the variables impacting your business.
- Know the expectations of Sr. management in relation to your function: By questioning the decision makers, analyzing their comments, you will be able to prioritize your tasks and better "sell" your skills.
- Learn some of the lingo from Balance Sheet to GAP Analysis to Organic Growth to ROI and ROCE; CFO's language...
2. Be the source of new ideas
Bringing forward current and new ideas in management, human resources strategy and HR processes or reporting on a new policy trend or change at a competitor may be valuable to decision makers.
- Be current: Technology is now an essential component of the job. Make sure you are using this to your advantage For example, social media such as LinkedIn and Twitter are now essential tools for HR professional – make sure your C-Suite is aware of your activities on social media
- Anticipate: Tell your CFO that you could use your HRIS Business Intelligence to anticipate future problems. After establishing a plan to avoid future risks, you could inform your direction
- The customer is king: Any CEO will always appreciate an idea that will enhance customer satisfaction. For example, an HR team member could find a new method of pre-screening and rapidly recruiting the ideal candidate to meet the needs of a new client or project.
3. Become the source of talent for your organization
To be competitive, your organization must develop existing talent as well as attract and retain high potentials.
- Attract the best candidates by creating a favorable environment for human resources and communicating your HR policy particularly on social networks.
- Become the "developer of expertise". All decision makers should be aware and reminded that the HR department is the source of talent in the organization.
4. Expand the image of the HR department
- Your internal image: Show to the C-Suite that you are not just an administrative function or another cost centre, but measureable value-added; you anticipate needs, reduce unnecessary costs, and most importantly increase profits! Sr. management must understand the challenges you face every day as well as the specialized skills required to answers those challenges
- Your external image: Whether it's for written or oral interviews, promote the quality of your brand and culture. Describe the steps your organization has taken to enhance the culture and employee satisfaction. Often, decision makers have a tendency to be more open to outside comments relating to your company culture.
5. Become an expert in crisis resolution
In case of crisis in your organization, become the reference point, the resolution centre. For example, if the company's union called a strike, be innovative, proactive & responsive and propose solutions to both parties. Your C-level suite will certainly appreciate your collaborative approach and your ability to solve critical situations.
Try as much as possible to anticipate those "crises" by paying attention to employee complaints and any increase in employee's dissatisfaction. For example, report on an abnormal increase in absences and delays that may be indicative of a malaise or tension.
6. Highlight the advantages of an HRIS with ease
Make a list of all the benefits of implementing a new HR system; be specific in regards of workload reduction, errors or inconsistencies between systems, improvement in the quality of data, managing talent, processing time, flexibility to adapt to market changes, employee direct access, improved corporate communication, enhanced workplace culture etc.
Finally,too many times, the HR department is viewed as a cost centre, and simply an administrative function among others. Yet every day, HR brings tremendously more value to an organization. Prove it to your management team and you'll have a far better chance of unlocking a budget for a new and much needed HRIS platform.