Organisations Urged to Invest in Human Resource Development
Business organisations have been advised to create a platform for the 21st Century’s human resource function to help impact on businesses as virile human resource development initiatives in a period of economic recession is crucial to boosting productivity and effective employee engagement.
Delivering a lecture titled “Human Resource Development: Imperative for Growth, Productivity and Profitability during Economic Recession” at the Town and Gown seminar of the Department of Business Management, Covenant University, Ota on Wednesday, March 01, 2017, the Guest Speaker, Dr. Morakinyo Oloyede, said that developing and maintaining a consistent management approach that engenders team spiritedness was a key link in the productivity process. Adding that, most employees would, ultimately, much rather be part of a team they are committed to, and not just a member of an organization.
Dr. Oloyede, who is also Head, Group Human Resources, Odu’a Investment Company Limited, stated that all targets of human resource endeavours should always focus on strategic value creation measured against preset goals.
According to him, “It behooves the human resources manager to be business savvy, having a clear understanding of Profit and Lost accounting system, with basic knowledge of cash flows, so as to know how to go for personnel, with skills of adaptability, who are always learning to adapt to challenges in the workplace.”
He noted that policies and practices used by Human Resources managers to help firms adjust to hard economic situations include wage adjustment, employment modification, restructuring of work time, workforce stabilisation, employability, more voice and engagement sessions, and process or product innovation.
Dr. Oloyede canvassed for organisations to embark on more Learning and Development programmes, as this could compensate personnel in organisations for them to see the organisation as one that has their interest and reigniting workers enthusiasm to work, leading to greater effectiveness and efficiency.
He challenged professionals in the business of human resource management to brace up in addressing some of the predictions of the year 2017, as organisations design would be challenged everywhere with the evolvement of new generation of performance management tools, more focus on staff wellbeing with performance emerging as critical factors.
In his welcome address, the Head, Department of Business Management, Dr. Oluwole Iyiola, stated that the topic was germane and of great importance to students of human resources development, who would soon find themselves in the business of helping management make vital decision in the area of staffing and maximising manpower.
“We have been teaching the theoretical aspect of this discipline, but a practitioner of no mean repute is here to add flesh to the theories and paint pictures of what the industry expect of budding professionals in this business,” he added.
Participants agreed that it has become imperative that organisations don’t hold back investment as it concern learning and development in the quest for efficiency, while also decrying the fact that the first casualty of a recessed economy has consistently been the human resources of organisations.