In the world of business, most successful entrepreneurs would have to agree to disagree on a variety of topics. That is of course, with the exception of human resources.
Employees are usually considered to be the single, most important asset that a business has, and the HR quotes from some of the most renowned names in business don’t disappoint.
“Take care of your employees and they’ll take care of your business” – Sir Richard Branson.
“Employees are a company’s greatest asset – they’re your competitive advantage. You want to attract and retain the best; provide them with encouragement, stimulus, and make them feel that they are an integral part of the company’s mission” – Anne M. Mulcahy.
Human resources isn’t a thing we do. It’s the thing that runs our business. – Steve Wynn.
Human resources form the backbone of all businesses, and inevitably become the face of your brand. As a result, having a strong and effective management strategy for HR in your business is vital to achieving your objectives.
The most prominent aim of human resources management is ensuring that paid employees within a company are contributing to the profitability of the business.
An effective human resource management policy should go beyond this short-sighted aim. Instead, human resource managers should aim to ensure that they are providing meaningful support to employees that will help them carry out their roles.
For example, human resource managers should regularly appraise and evaluate the capabilities, performance and potential of employees, in order to identify the areas that the business is currently succeeding in. Furthermore, a thorough appraisal process should also consider the areas where further training and development is required for employees.
In order for a business to retain quality employees, an effective human resource manager should create and maintain a positive corporate culture and work environment that contributes positively to the lives and career progression of employees. Without these key factors, a business will lack innovation, cooperation and teamwork, which are vital to achieving a business’s goals.
In the competitive business environment of today, the absence of planning and effective human resource management strategies, there is a very real possibility that it will cause damage to your company’s reputation.
In cases that are associated with workplace disputes, the negative media attention that an unhealthy work environment, inappropriate hiring practices or underpaying employees will gain, will have a huge and long-lasting impact on your business.
As a result, human resource managers must adapt to the growing demands and challenges that are presented by the global market, and hence, the need to fulfil their customer’s requirements.