HR FOLKS! KNOW YOUR BUSINESS

You will be able to make visible changes and impact only when you know your business.

The HR function for long has not been able to represent in the board room or has not been able to advise the business stakeholders on leadership or strategic issues – the reason is; not knowing “the business”.

You may be working within the oil & gas, construction, real estate, facility management, health care, or retail industry, however knowing the heart of your business is most essential. It is about being keen and passionate to know your business thoroughly. This comes by reasoning constantly on how the business model works, speaking to colleagues, keeping a close watch on the internal & external factors, and networking within the industry fraternity, and so on.

So, how does “knowing your business” help an HR Professional, here are some of the outcomes:

(1)  Visibility to the Top Management and Stakeholders

(2)  Ability to influence and mentor employees at all levels

(3)  Understand and live the business ethos and objectives

(4)  Control the HR budget and hiring costs

(5)  Implement restructuring methodically

(6)  Acquire and retain the best talent

(7)  Understand the project performance and risks - correspond accordingly to the project needs

(8)  Stay informed and smart within the management team

(9)  Speak the commercial and business language

(10) Frame evolving HR policies, procedures, compensation, rewards, performance reviews in accordance with the changing external and internal factors

(11) Respond to every business and economic cycle proactively

(12) Continually contribute to innovation while reducing costs within the organization

Thus, the roles of HR professionals have evolved over a period of time – HR Business Partner, People Manager, Organization Development Specialist, HR Transformation Director, and many other titles. Each role with an expectation to bring radical changes within the entire organization not just the department. 

Stakeholders expect the HR to be major contributors to change. It is not about churning the normal process of HR, but it is being able to influence every department; the top management, the board, and the stakeholders. 

?Given the current economic situation, every organization is keen to be innovative, efficient, and cost-conscious to survive and sustain, let us make that change visible.

HR professionals need to realize that they hold the responsibility of People; the greatest Capital for any organization

Sudesh Pillay