Higher Education Review recently got a chance to interact with Poonam Agarwal wherein she shared her insights on the importance of formulating and measuring the right metrics to assess the effectiveness of HR strategies within an organization. Below are a few select extracts from the interview ?
The process of strategic planning and implementation within an organization, particularly focusing on the role of Human Resources (HR).
When leaders, teams, stakeholders, and HR collaborate, the first step is to define the organization's goals in the short and long term, covering financial, customers, operational, process, and people perspectives. This lays the foundation for the HR picture, which involves conducting a gap analysis to compare current HR practices with the desired future state. By identifying gaps, specific HR practices such as talent management, learning and development, performance management, engagement, or diversity and inclusion can be determined.
In the context of fostering innovation, building a culture of innovation requires implementing learning initiatives to develop the necessary skills and tactics. Clear communication of HR priorities to stakeholders and the HR team is crucial. Subsequently, the communication must cascade throughout the organization, ensuring each individual understands their role and potential benefits. Key performance indicators (KPIs) are then formulated to measure progress.
Regular monitoring and effective communication are vital to maintain alignment with the organization's goals. This allows for adjustments and adaptations in response to changing needs or circumstances. Flexibility is key in creating a shared purpose and understanding of goals, promoting collaborative work towards achieving them.
The importance of formulating and measuring the right metrics to assess the effectiveness of HR strategies within an organization.
Formulating and communicating HR strategies, ensuring alignment within teams, and measuring the right metrics are crucial for organizational success. To achieve an engaged workforce, HR must drive factors like effective workforce engagement, development feedback, communication, and performance management. Turnover ratio and time to fill positions indicate the effectiveness of HR initiatives. HR capability and building the necessary skills are important considerations. Transparent feedback from stakeholders and effective communication are vital. A robust performance management system should be in place to drive organizational KPIs, foster feedback and improvement actions.
HR analytics helps assess demographic shifts and ROI of the initiatives. Stakeholder feedback and alignment of HR practices impact overall business outcomes such as revenue, cost savings, profitability, and performance improvement. Monitoring these factors ensures HR professionals contribute to driving impactful initiatives.
The challenges anticipated during the implementation of HR strategy and how would you address them
Delivery and achieving key performance indicators (KPIs) play a significant role in this process. Communication, when not done rightly or transparently, hampers the buying process, posing a major challenge. If employee engagement is not aligned with the strategy, attrition and other issues arise. Hence, it is essential to maintain the integrity of the strategy, uphold the KPIs, and regularly review progress. Creating awareness among employees about the work at hand and their contribution to the larger purpose is of utmost importance. Without focus on these aspects, the strategy remains a mere plan on paper, lacking execution. Stakeholder management and obtaining buy-in from individuals are critical, emphasizing their understanding of their role in achieving the overarching goals. Considering that we deal with people, inclusion in the strategy is essential.
Challenges arise when resources and capabilities for driving change management are insufficient. Therefore, inward capability, outward communication, perseverance, improvement, feedback, and stakeholder management are key challenges that capable HR professionals must handle to succeed.
Incorporate diversity and inclusion into HR strategies and practices
Diversity and inclusion extends beyond just hiring women associates or having women members in the team. True importance lies in leadership commitment. Starting from the top, leaders should actively communicate the significance of D&I, setting the tone for the organization. It is crucial to integrate diversity and inclusion goals into practices and strategic plans, including recruitment and hiring processes. Establishing the right ratios for various roles and measuring progress in diverse hiring is essential. Employee resource groups should be created to promote D&I principles and share stories within the organization. Raising awareness about biases and mitigating them is vital. Bias awareness training should be conducted for managers and employees to increase their understanding of unconscious biases and their impact on decision-making. Inclusive policies and benefits, such as work flexibility, parental leave, and religious accommodations, should be implemented. Ongoing education and communication, fostering open dialogue and a culture of diverse thought, are essential. Transparency and trust are key regularly measuring D&I metrics will further support and promote these initiatives, along with the focus they bring to the organization.
Emerging trends and best practices in HR strategy and planning
In today's era, staying connected and informed has become effortless with the abundance of social media platforms and professional networks. Among these, LinkedIn stands out as an invaluable resource where one can engage with a diverse community of professionals working on various initiatives and practices. It provides a platform to connect and delve deeper into shared interests. Additionally, numerous Indian conferences, events, and organizations offer a wealth of opportunities to network, learn about best practices, and understand the challenges faced within the industry. Webinars and online platforms like Coursera have become increasingly common, allowing individuals to upgrade their skills conveniently. Peer collaboration and networking within the same professional field are particularly beneficial, enabling the exchange of insights and experiences between organizations.
With the availability of these platforms, the days of making extraordinary efforts to stay updated are long gone. By dedicating just one hour each day to browsing through networks, LinkedIn, Coursera, or professional associations, one can stay updated on industry practices, organizational challenges, and innovative solutions. Engaging in creative and futuristic thinking, followed by brainstorming sessions within teams, further enhances the collective learning experience.
Poonam Agarwal, Group CHRO
Poonam Agarwal is an accomplished HR and administration professional with 21 years of experience. She has held leadership roles in renowned organizations like Clariant and Associated Capsules. Poonam holds an MBA in HR, as well as a Masters in Labour Laws and Organic Chemistry. With a passion for working with people and Business, she excels in understanding their needs and driving impactful HR strategies.
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