The core concept of risk management refers to taking systematic and proactive steps to overcome the re-determined risk. It is a specific process that includes identifying, assessing, and prioritizing risk. The cost-effective and well-coordinated implementation minimizes the possibilities of risk affecting business growth.
HR risk management plan:
It is a structured approach to identifying, assisting, and mitigating the potential risk associated with the company’s staff. Various activities are included in the risk management process in HRM. Here is the list of risks associated with HRM and the proactive steps to mitigate them.
|
Issues |
Mitigation activities |
|
High employee turnover |
Employee engagement activities |
|
Talent gap |
Regular training and development programs |
|
Compliance violations |
Detailed awareness and information within the company |
|
Employee Misconduct |
Maintaining ethical behavior and a precise reporting mechanism |
|
Failure in talent acquisition |
Advanced research and proactive use of HRM software |
|
Workforce conflict |
Clear communication and access to better coordination |
