How does HR Directly Contribute to Business Profits & Growth
ZingHR’s Shetul Thakrar, Shares His Point of View
Traditionally the role of Human Resources has been perceived to be a “department”, assigned to manage administration and keep relations between employees and employers on even keel. It is only in the recent years that leaders are making an argument for a seat at the strategy table. Why? Because increasingly the potential of the HR org to directly impact business gains is coming to the fore.
ZingHR has been at the forefront of empowering HR teams to realise their true potential as business drivers and strategists. Shetul Thakrar, CFO, ZingHR, describes ZingHR as a Rocketship that is focused on business outcomes through HR technology or what the company calls ‘Outcomation’.
According to Shetul, “The Human Resources function has evolved tremendously over time and is fast losing its tag of being simply a support department. HR is now considered a business partner, focused on business outcomes that drive revenue and profitability.”
“ZingHR’s key expertise,” he adds, “is enabling HR teams to continue contributing to business outcomes consistently, by helping them build an agile, digital HR platform.”
The advantage of digitising the HR function and using tech to support its more transactional tasks is that this allows for HR to be able to partner up with other functions and improve the company’s core competencies and competitive advantages.
Shetul outlines the following 3 ways in which HR can contribute to business outcomes in this new world:
Attracting, Engaging and Nurturing Talent
The Hiring ecosystem is extremely fragmented. The process flow is lengthy, time-consuming and has many moving parts. However, with use of technology, HR teams can cut down manual tasks significantly. This means they can focus their energies where they should rightly do viz. hiring the right talent, engaging and nurturing their growth. It is proven that an engaged workforce is more likely to be driven and motivated, resulting in lower employee turnover and greater profitability. Similarly, companies that focus on nurturing good talent, gain a better more competent workforce that is committed to business goals and vision. In short, a sure shot route to long term business sustainability.
Employee experience and empowering teams
Improved employee experience is key to fostering collaboration. In the same vein, empowering teams with tools and means to work faster and smarter, better express themselves and achieve their individual goals goes a long way. Companies that have highly engaged employees, have seen increased revenue and profits, increased business brand value and display strong company cultures. All of which are ideal desirable outcomes for any business.
Deploying the power of Analytics
According to the Gartner Glossary, “HR analytics (also known as people analytics) is the collection and application of talent data to improve critical talent and business outcomes. HR analytics leaders enable HR leaders to develop data-driven insights to inform talent decisions, improve workforce processes and promote positive employee experience.” This directly answers the question of the “How” after the “Why” and “What”, when it comes to the mission / vision of any organization. If we empower the HR function with powerful analytics, we can help increase speed of decision making, drive strategic workforce planning, identify areas of skilling / reskilling and eliminate redundant costs.
“There are many more ways that HR is transforming from a service to a strategic function through technology transformation, but these three focus areas are sure shot winners,” says Shetul. ZingHR is proud to be at the forefront of helping to achieve this transformation for companies, by leading both in thought and action.