Business fails due to various reasons, one of the reasons that is mostly overlooked but deadly is poor Human Resource Management. Most business invest more on marketing, branding, production etc. & invest way less on Human Resource Managemen even though it is the backbone of the organization. But what is the role of Hin growth of business & how poor Human Resource Managemen leads to failure of the potential business?
1. Proper management of the 5R's
Without an experienced and visionary HR, it’s almost impossible for proper management of the 5R’s i.e. Recruiting the right talent, Retaining the talent, Retraining, Restructuring and Retiring.
The 5R’s—Recruiting, Retaining, Retraining, Restructuring, and Retiring—becomes an almost insurmountable challenge. Recruiting the right talent is the bedrock of any successful organization, and HR plays a critical role in identifying individuals who not only possess the necessary skills but also align with the company’s values and culture. Without a strategic approach to recruitment, organizations risk hiring employees who may not fit well, leading to higher turnover rates and diminished productivity.
2. Talent acquisition and retention.
Like the famous proverb “Only a jeweler can identify a diamond” similarly only a well experienced HR can hunt for the right talents suitable for the team and their role. Without the right team organizational goals and objective fail to meet regardless of the dominance of better services and products they are providing. Remember your team is the one who execute the organization plans and objectives. Similarly, HRM develops initiatives to retain high-performing employees through competitive compensation packages and a supportive work environment.
3. Ensures employee engagement and development.
Employee engagement leads to increased productivity and meeting the organizational goals. An experienced HR implements various strategies to promote engagement via various tools. A visionary HR identifies the need for trainings and development of employees with their performance management.
4. Executes workforce plan and management
Human Resource Managemen identifies and develops future leaders within the organization. Utilizing data-driven insights, Human Resource Managemen identifies trends, forecasts future staffing needs, and aligns workforce strategies with business objectives.
5. Regulatory Compliance.
Human Resource Managemen helps the organization stay within the labor laws, regulations and industry standards keeping organization safe from legal risk and potential liabilities.
Human Resource Managemen not only helps to avoid costly lawsuits and penalties but also fosters a work environment that is fair, transparent, and respectful of employees’ rights. Compliance with these regulations is not just about avoiding legal trouble; it’s also about building a strong foundation for trust and credibility within the organization. Ultimately, effective HRM keeps the organization safe, ethical, and aligned with both legal obligations and industry best practices, ensuring long-term stability and success.
6. Strategic Business Partner and PR Agent
Human Resource Managemen coordinates with top-level and mid-level managements to align HR strategies with overall business objectives. To Establish a good public relation, the responsibility lies with the Human Resource Managemen to a great extent. They organize business meetings, seminar and various official gatherings on behalf of the company to build up relationship with other business sector.
Why Career Concept is your best HR partner?
For many organizations, the loss of a key executive or department head can be panic inducing. Leaving a leadership vacancy open place, the organization at risk of deteriorating financial, operational, and human capital outcomes. However, executives also can’t afford to gamble at the expense of a poor hire due to a hurried decision on a permanent leader.
Outsourcing: Career Concept will perform tasks, handle operations or provide services/goods/human resource for your company as a third-party company. We have various contractors /sub-contractors to perform these tasks. Payroll management: all employee management will be done by us including payroll.
