3 KEY HR STRATEGIES THAT DRIVE BUSINESS PERFORMANCE

The present era for HR is to mentally digress themselves from conventional HR to business HR. According to me, HR is the sole partner of CEO to ensure organizational growth. Merely talking about motivation, culture and empowerment will not make any sense unless HR develops the right chemistry with efficiency, productivity and quality. Bottom line of the company should be Romance and making things happen should be the passion. Hence when we talk of performance the answer for today’s HR is to develop ownership instead of being too theoretical in their approach. 

According to the India Skills Report 2018, hiring outlook for 2018 looks “positive”, and is estimated to grow by 10-15 per cent this year. Good news indeed but the biggest differentiator for any company is not about hiring the right talent but their ability to engage and retain them. Recruit, engage and retain will continue to be the core function of Human Resource Management in 2018. I firmly believe that any organization that does not have a strong and effective HRM will face serious problems in managing their day-to-day activities. 

Strategic human resource management as per HR management expert John Bratton is “the process of linking the human resource function with the strategic objectives of the organization to improve performance.” Let’s look at 3 Key HR strategies that can drive the business performance of your company 

1.     Key Performance Indicators (KPI)-If your company’s performance must stay on track, you should look at a quantifiable way of measuring your success. Efficiency, productivity, quality and competitiveness are the key performance indicators of Layam Group and we evaluate the success of our company based on these indicators alone. Before our new employees get introduced to their job profile, they are told about the importance of KPIs and their effectiveness in achieving business objectives. Effective KPI’s can not only evaluate the success of an organization but also be used for a project, program, business process and functions that top management see as crucial for progress. 

 

2.     Learning & Development –  Nurturing talent, building the right mindset for the bottom line of the organization should be the L&D’s focus area. At Layam, our philosophy is to focus on Brain Count instead of Head Count. Through our learning and development modules, we aim to change the mindset, build passion, inculcate a sense of ownership and thereby drive the business to par excellence. In today’s times, mere on-board training is not sufficient to ensure performance or productivity. Constant reskilling is required to close the skill gaps. Individual’s goals and performance must be in sync with the company’s overall vision and goals. To achieve this, HR must work towards improving the performance of the group and individual alike. This is where learning and development comes to the forefront, which is basically a subset of HR and an important part of the organization’s talent management strategy. Learning and development can ensure that your company gets a competitive advantage. 

3.     Organizational Culture - The overall culture of the organization is largely related to your HRM strategy. The need of the hour is to establish a link between management style and business strategy whilst maintaining the employee’s well being and performance- Your HR team can devise strategies to achieve the same. For instance, attitude of the senior management can shape the organizational culture since it’s their style (autocratic, open door or proactive), beliefs and values that trickles down to the rest of the employees. Effective HR practices like creating communication channels, devising on-going training programs, flattening the organizational structure, establishing clear goals, ensuring employee participation, creating an impartial reward system are some of the ways in which organizational culture can be strengthened and sustained. 

Every company should evaluate their HR policies and modify it as per the changing times and needs. After all, implementation of key HR strategies is a vital element of business success 

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