India, November 08, 2022 /timesofindia.indiatimes.com/ Over the past decade, India has witnessed an unprecedented boom in the financial sector owing to various initiatives and innovations introduced by the country’s regulators. Increased consumer demand has...
Why HR Leaders Need a Business Mind with People Focus
India, March 31, 2023 /thepeoplemanagement.com/ If decades of business growth and industry commercialization has shown us anything, it is the fact that human resource is the most crucial asset of any organization. Any business’s profitability and scaling depend on how dynamic and competent its human assets are. The floundering development that a business experiences with a knowledgeable staff is based on a clear understanding of the business goals.
Practical business acumen and the growth of business go hand in hand. This is why Human Resource (HR) managers have been adhering to business-based HR personnel and not just human-based HR personnel.
After having established that HR managers need to find the right people to do the job and do it more efficiently than others, let us understand the fundamentals.
Business Knowledge – It is of prime importance for HR employees to have a clear understanding of the market and competition. Business knowledge plays a vital role in managing the functional requirements of the business most constructively.
As a part of business knowledge, context interpretation is helpful for HR personnel. They are expected to have a basic understanding of intra-organizational dynamics. Market trends, competitive strategies, and comprehensive business focus are some of the requirements in the genre. Macro and micro awareness of business trends all across help too.
Financial Acumen – Business decisions are reasonably incorporated with the financial condition of the economy. If the HR personnel are not in sync with how the financial system works in the economy, they will never be able to take the right decisions for the organization. Their findings will impact the profitability and growth of the company in general, and they must have a decent grasp to monitor and influence metrics in the right direction.
Business Ideation – We are well aware of the fact that major decisions in managing the societal image of the organization by maintaining an employee-friendly environment, are taken by the HR managers. As leaders assume more responsibility, they must become aware of how their decisions affect others, taking into account not only their functional needs but also the broader needs of the business. It all comes down to see the “big picture,” the interdependence of decisions, and how they all work together to achieve competitive advantage and financial results.
Consistent incorporation of Organizational goals in Individual growth – To contribute to an organization’s business development, a team’s collective efforts are mandatory and advisable.
Consistent scaling can only be established when employees’ goals align with the that of business. This is because individual goals, if not incorporated with the company’s growth agenda, can hinder employees as they will be focused on maximizing their utility from the job.
All employees of an organization have different strengths and weaknesses that they use in various ways to improve personally and professionally. AN HR leader’s main task should be to use the good qualities at the right time so that the organization can benefit from them. Demonstration of talents and acumen of the employees by encouraging them to focus on a broader business strategy is the success path that can add real value to the corporation.