Just how important is HR’s role in ensuring a healthy profit for the organization?
While it’s always been a general maxim that human capital is the most valuable resource for an organization, many companies fail to realize the significant benefits that can result from integrating HR initiatives—such as information sharing, skills training, and rewards programs—with strategies for driving profits.
How does HR determine which initiatives are the most important and valuable when it comes to driving company profits? Obviously, smart hiring and firing practices help; but companies should also look at cost-cutting measures, such as the use of employee self-service technology, to bolster the bottom line. Clear communications, employee involvement in goal setting, transparency, and other practices can also provide profitable results for the organization.