How to empower your HR team to help drive the success of your organization.
Mid-market CEOs often focus on managing their core business functions and revenue growth. However, one key element that often gets overlooked is the strategic importance of human resources (HR). A CEO can only successfully run a business if the employees are effectively managed and aligned with corporate goals. And HR can help with this. And this is why HR should not be viewed as a cost center but as an essential strategic component of a mid-market CEO’s success.
By taking HR beyond an operational role and turning it into a strategic partner, CEOs unlock the power of their HR department to analyze key trends, forecast demand for talent and build human capital for growth.
Analyzing Key Trends
One key trend to analyze is turnover rates, which impact an organization’s bottom line and can act as a barometer of overall employee satisfaction and engagement. By closely examining which departments or roles have the highest turnover rates, HR professionals can identify potential underlying issues and develop proactive solutions.
In this environment, talent is looking for companies who understand work-life balance and flexible work arrangements. According to a recent LinkedIn Global Talent Trends report, candidate increasingly want remote work even as companies reduce the number of remote job postings. Also, companies who are provide support to balance personal and work life priorities will have a leg up in the talnt war.
Forecasting Demand for Talent
As the war for talent becomes more fierce, companies need to have a plan for managing their talent effectively. HR can proactively forecast demand for your future company needs and help you make informed decisions about recruitment and retention.
Human resources (HR) is there to help you discover data-driven insights that identify talent gaps, conduct regular workforce planning exercises, and develop comprehensive talent management strategic plans that align with business objectives. Having HR as your strategic partner gives you a competitive advantage by enabling your company to adapt quickly to changing business conditions while keeping attractive to top talent.
Building Human Capital
To build human capital, mid-market companies must prioritize providing employees with growth opportunities. HR is the ideal choice to establish mentorships or job rotation programs, identify and implement online training platforms and resources, or partner with educational institutions to access their knowledge and expertise.
When employees see that their company is invested in their development, they are more likely to be engaged and motivated in their jobs. This in turn leads to improved retention rates and overall better business outcomes.
Action Plan
In order for HR to be a valuable strategic partner, start by communicating the company’s objectives and goals with them. Make sure they have the needed resources and tools in order to achieve their goals and objectives. And periodically, evaluate the efficacy of the HR team’s initiatives. Doing so will allow you to identify areas for improvement and ensure continuous alignment with your organization’s constantly evolving requirements and demands.
By taking these steps, you will empower your HR team to operate more strategically and provide greater value to the organization’s overall success.
| Charles Good President, Institute for Management Studies |
| 775-322-8222 | ims-online.com | charles@ims-online.com |