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HR-A Strategic Partner:
There has been significant talk about the potential of HR as a strategic partner to business, and there is ample evidence that business leaders are increasingly willing to invest in that potential. HR is seeing itself at the management table more often than ever before. If market compensation levels are an indicator, the fact that HR professionals at middle and senior management typically command a premium over their peers in other functions further illustrates this trend (Refer table 1.1). The role of market demand and supply is the obvious explanation for the recent spurt in HR salaries. Significant however, is the very fact that business leaders are today willing to pay that premium for a job that was traditionally thought to be responsible for only the operational aspects of hiring, retaining and firing employees.
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USD/ INR Movement
The trend towards strengthening of the rupee vis-à-vis the dollar was has been observed since 2005 and most firms hedged against the risk by signing forward contracts to mitigate the impact of the rising rupee. There is a very gradual shift in the structure of the contracts and many are planning to move back to ‘Time and Material’ from ‘Fixed Bid’ engagements.
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Today when every function of business is open to scrutiny in terms of value, cost and efficiency, the case for maintaining and developing human resources in-house, needs to be made afresh. Despite improving functional excellence, HR costs are increasing by six per cent each year and HR is struggling to demonstrate value to business. Only by setting clear criteria is there a chance of developing the Next Generation HR to make it relevant and valuable to business in the 21st century and beyond. To lose HR as a distinct business practice and to attempt to split its functions into separate outsourced activities would be to risk losing a body of knowledge on organisational strategy and development that has been built up over a century. Protecting this body of knowledge of professional ethics is not self interest; it is common sense!
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Ask any HR department what their key objective is and they’ll tell you they want to be more strategic, become a true partner to the line, and deliver meaningful and measurable results to the business. And ask
business leaders what they want from HR, and they’ll tell you the same thing!
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Accor Services helps you to achieve a balance between your employee's aspiration & Company objectives through innovative corporate solutions, to motivate & create loyal employees.
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| For any information or feedback, please email at hrconnect@accorservices.com |
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