Why are HR Strategies and Great Organizational Culture Important for Business Growth?
July 22, 2023
Business success in the 21st century hinges on employee productivity and engagement which are directly influenced by company culture. The employees demand that they be treated with respect and inclusion. Healthy people culture in the workplace is the way for businesses to drive success.
We had the privilege to interview an esteemed expert in the field of HR- Mr. Amit Kataria, CHRO, MINFY Tech, and one of the top 50 CHROs of the year 2023. He shared some valuable insights on the importance of strategic human resource planning and people strategies to improve organizational culture and profitability. As per the research studies, companies with highly engaged employees can see 21% higher profitability.
So, let’s dive into his insights on cultivating a culture of joy in the workplace, integrating AI into human resource functions, people management strategies, and adapting hiring strategies.
Joyful Work Culture Every Day, Keeps Resignation Away
Though the question of corporate value systems and working culture has always been in the fore, post-COVID, it looms in our minds 24/7, rent-free. Multiple factors have caused a soar in the resignation rate.
But there’s hope yet! Mr. Kataria emphasizes the significance of fostering a culture of joy to boost business planning. It boosts individual morale, enhances productivity, and fuels innovation. A joyful workplace energizes and increases employee engagement and drives positive work culture and growth.
HRs: The Jedis of Organizational Success
To achieve a competitive advantage, HR must be integrated into the organizational structure. Reports based on interviews with around 80 CHROs from leading American and European companies show the need for a shift in the role of HR from support function to strategic partners.
Mr. Kataria stresses the importance of collaboration between organizational leaders and HR in decision-making and strategic planning. HR ensures that organizations understand the critical role employees play in driving development of the organization.
The Subtle Art of Devising People Strategies
Devising efficient people strategies is a crucial corporate success strategy in contemporary times. So, the question is how to build an impeccable strategy? Mr. Kataria outlines three parameters that HR heads should focus on while devising top people strategies.
These include diversity, equity and inclusion, company culture, and a strong value system. Additionally, he emphasizes the need for organizations to remain flexible and adaptable to changing times when formulating people strategies.
Two Key Ingredients for Organizational Productivity
AI and machine learning has changed HR trends dramatically over the last three decades. Considering the so many pros of AI that we know of, we can’t help but think of the evident question- what does this mean for us? Is AI going to replace humans?
Mr. Kataria put the thought to rest as did many studies and statistics out there. HR professionals can attract better talent, reduce costs, and drive better outcomes proving HR practices’ organizational effectiveness.
Contrary to concerns, AI enhances the emotional connection between HR and the workforce by freeing up time for more human-centered tasks.
Learning and Development in the Digital Age – The Rise of AI
The corporate culture and ecosystem are witnessing dynamic changes as the world takes to virtual learning and working culture. Though this leaves ample time for living outside of work, what is ‘organizational culture’ without some workplace training and development?
Artificial Intelligence has transformed learning and development initiatives by customizing them to meet individual employee needs. Mr. Kataria highlights the benefit it provides in cost-effective upskilling and reskilling of employees. A recent press conference in Geneva, Switzerland aimed at demonstrating “human-machine collaboration” giving listeners much to think about!
With AI’s speed and efficiency, the entire learning and development process becomes streamlined and effective for professionals and companies alike.
Organizational Success and the Order of the Recruitment
In the face of changing dynamics, organizations must adapt the HR strategies to prevent excessive layoffs. Wrong hiring practices can lead to excessive layoffs, while resilient and adaptable HR heads are essential for thriving businesses.
As a CHRO, Mr. Kataria gave a word to the wise that making strategic hiring decisions, focusing on their strengths, and especially preventing diversification risks will help organizations walk the path of success.
It’s a multidimensional world out there! Out of all the parallel universes, this one gives you the freedom to build a career that matches your interests! Mr. Amit Kataria’s insights shed light on the need for strategic human resource management. Fostering a joyful workplace culture, integrating AI, and adopting a people-first attitude is the way for organizations to nurture their workforce and navigate the complexities of the modern business world.
Training to upskill and reskill your employees is as important as helping them narrow down their niche for a career path. AntWalk offers training solutions for employees, leaders, and managers to support personal and professional growth. By visiting AntWalk, you can take the first step towards demonstrating your commitment to your team and building your people strategies.