Contributing to Creating Assets for the Business - a Requisite for a Splendid Human Resources Department
By creating opportunities and encouraging workers to be creative and contribute to business growth, the human resources team was and is continuing to directly create assets for the business.
The COVID-19 pandemic results in a biggest ever layoff on a global scale, which is the signal that business restructuring needs to be carefully considered. Furthermore, business should focus on putting humans at the core of the transformation strategy. Ms. Tieu Yen Trinh – CEO of Talentnet – shares that the HR personnel, in the recovery post-crisis, are no longer in the “backline”, but have directly impacted business's P&L on the “frontline”.
More specifically, there are 3 roles of the HR department in the restructuring process include:
Managing & retaining talents
Before deciding to invest more on personnel or lay off employees, businesses should carefully consider the impact on the quality of human capital. According to Vietnam Talentnet-Mercer Remuneration Survey, 70% of businesses have the intention not to change the number of employees but instead focus on reskill & upskill strategies to better cope with the new now’s demand.
Instead of investing in searching for new talents, businesses should pay direct attention to optimize internal human capital by training, which in turn will be beneficial for businesses in the future.
There are three steps to “release the right people'': reviewing competencies, building the skill sets needed during recovery, and implementing accountability to employees.
Evaluate existing resources with appropriate solutions for the restructuring roadmap.
Ms. Trinh further shared that the old approach based on functions, departments has become obsolete. HR department should remap the skill set that employees are possessing, and allocate employees to various projects based on skills demand. With that, businesses can fully utilize employees’ potential, maximize connections and enhance business activities.
Shaping business culture
Business culture and habits are bound to adjust in the event of structural transformation, even a new set of business culture needs to be rebuilt. Human resources specialists, in the transformation period, have the duty to accurately communicate the implication, the mission of restructuring, consider any changes it will bring to the table as well as ensure smooth implication of new culture. Additionally, HR department needs to help employees understand the skills they need to develop to better fit with the business orientation.
In short, HR department needs to deeply understand the urgency of current inner problems, combined with market trends, to consult the Executive board on both short-term and long-term solutions for business