Page 40 - BANKING FINANCE OCTOBER 2021

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Results-oriented goals broadly include the 3) Develop and exercise analytic skills directed at
following: answering "the why and the what." This may mean
spending more time on so-called translational work like
1) Correctly assessing staff requirement, skill set, job role
training business leaders, planning and implementing HR
requirements.
practices that effectively execute strategy, and helping
2) Developing and maintaining competitive pay and teams manage change and then on transactional work
benefits at par with industry standards. like recruitment, training, human resource information
3) Managing performance and designing a rewards system systems and other traditional HR functions
that keeps employees motivated and developing 4) Conduct a strengths, weaknesses, opportunities and
yardsticks to measure and quantify performance. threats (SWOT) analysis of their organizations. The
4) Knowing about strategies and techniques competitors SWOT approach offers a clearer picture of customers,
are using to recruit and retain talent. markets and competitors.
5) Providing training, including ethics, which reinforces
corporate values and instill a sense of responsibility How to align hr function with organiza-
towards corporate goals. tions business strategy?
For HR departments of organization , intradepartmental
The strategic planning process begins with strategic planning can be a good way to start the functional
some critically analytical questions like: alignment process. However, regardless of whether
1) Where is the organization now? - Reply to this question strategic planning begins in the HR department or in
is expected to assess the current situation. another department, or is managed on an organization wide
scale, the actions of the HR department will be integral to
2) Where do we want to be? - Reply to this question is
the success of the strategic plan. Thus, HR professionals
expected to Envision and articulate a desired future.
must take care to align the HR function with every aspect
3) How organization will get there? - Reply to this question of the strategic plan, even if the strategic plan does not
is expected to Formulate and implement a strategy and explicitly address HR issues.
strategic objectives.
4) How will we know if we are on track toward our Recent SHRM research reveals that HR professionals foresee
intended destination - Reply to this question is expected significant workplace challenges, including rising health care
to establish a mechanism to evaluate progress in costs, the retirement of large numbers of Baby Boomers and
allotted task or project. the increased demand for work/life balance. Retention
programs, work/life programs, succession planning, and
How to assess current situation? health, safety and security programs are among the HR
efforts that are viewed as key workplace challenges through
Being a strategic business partner means carrying out HR
activities with perspective of attaining long-range goals of
the organization in mind. To do this following below
mentioned strategies can be helpful:
1) Try to clearly understand how the various
organizational components interact and recognize the
long-term implications of HR decisions. The impact of
HR decisions must be thoroughly researched and
analyzed before changes are implemented.
2) Have a deep insight of business basics, including finance,
marketing, sales, operations and IT and all other back
office or key tasks. These skills help with budgeting and
with maintaining a workforce with the correct mix of
skills.

40 | 2021 | OCTOBER | BANKING FINANCE