How HR Leaders Can Contribute To An Organization’s Success
Over the years HR leaders have been reasonably criticized by industry leaders executives and business heads for having little understanding of the strategic financial or operating aspects of the business ecosystem irrespective of their desire to be considered as an equal business partner to the airline executive peers which is best illustrated by a position in the C suite table. Even though the coronavirus crisis has put HR leaders in the limelight and emphasized their importance in an organization, many of them still struggle to attain the much-desired seat at the table.
This ultimate lack of business acumen has led many business leads and managers to take HR primarily as an administrative body with no impact on the organizational goals.
Most of the HR professionals unreasonably hope for a CEO to appreciate the worth of function and administration to grant them a role of higher impact. However, the industry leaders are expecting HR professionals to map out their own path to organizational success and earn their credit and business legitimacy.
How HR leaders can identify business realities?
The strategic business leaders or line executives generally operate their businesses by creating specific quantitative business objectives aligned with business goals in areas like earnings per share sales market share cash flow new product introduction improve customer care etc. Because these areas are consistent with the company’s overall business strategy. Therefore, an HR project that can elevate the executive’s ability to attain any of the objectives in a practical sense can make way for HR leaders to the top tier.
The HR leaders must engage with the CFO’s to understand the financial priorities and the important numbers in the organization’s future income and cash flow statement before the annual financial budget of the year is developed and finalized. Moving further, the HR team can discuss with the CEO or the appropriate business heads to understand their specific business objectives for the coming fiscal year.
Therefore, for that specific business objective, HR should find that if there is a relatable project that can assist the line executive to achieve the business objective.
HR Projects That Can Help In The Attainment of Typical Business Objectives
HR can make way to positions of higher impact in the organization by doing a much better job and connecting the HR functions to the needs of the organization’s customers. But many HR professionals are incapable of doing the same. So, here is a practical approach that defines how HR projects can support some typical financial and strategic business objectives.
Implementation of a profit improvement workshop to identify and quantify potential cost savings and profit opportunities is a good way by which HR technology can contribute to the attainment of the financial objectives of the organization. The HR can also start training programs for sales staff to help them resolve and gather great receivables to bring in more cash.
To help your organization achieve the assigned strategic goals, here’s what HR can go for-
- HR professionals can focus on conducting a seminar-workshop that covers critical business areas like strategic planning, financial management, product and market development, sales, customer service, and leadership with industry experts.
- For the internal growth of each general manager, HR should make use of HR technology to create personalized development programs.
- Within the sales department, run an evaluation test of the existing competency level of the sales staff in contrast to the new technology. And update the sales incentive plan to identify the new technology and improved profit.
For HR’s, it is highly important to understand the realities of your organization’s business while effectively directing the administrative duties and then selecting HR projects that directly impact the business.