I'm a Content writer and an accredited Trainer in Talent management and Human Resource planning for efficient business performance.
HR tips to stay relevant in this digital world
HR tips to stay relevant in this digital world
Employees are an expense that the company can eliminate at any time and in any situation, despite the fact that they eventually add value to the company. As a result, human resource managers and shareholders in any profit-making organization are continuously at odds.
The Covid 19 outbreak wreaked havoc on businesses all around the world, forcing some to permanently close their doors. Some businesses have been forced to close because their products or services are no longer in demand, while others have suffered significant financial losses and eventually closing doors. Others have been harmed as a result of a company's failure to follow basic business procedures.
What does the future hold for human resources in a society dominated by virtual organizations?
Here are some key elements to consider in order to answer this issue.
- Every department in an organization needs a clear and comprehensive strategy that is integrated into the organization's overall strategic business plan.
- Every manager must be aware of their working environment at all times.
- Every business's cornerstone is its business plan, which must be revised on a regular basis to maintain financial performance.
How COVID-19 is Affecting Companies Around the World
"The business model's worth is incalculable"
A business plan is a detailed strategy plan with tens to hundreds of pages that small and medium-sized department managers, as well as major corporations, have little to no time to revise in detail on a constant schedule. This is where the value of the business model is realized. In this rapid transformation of work, which is adopting a paradigm shift of virtual companies, understanding the company's business model is the cornerstone of the future of managing human resources. This is a reality that no business should ignore if they choose to stay relevant in their market.
This is how managers, supervisors, and leaders benefit from the business model:
Managers, supervisors, and leaders benefit from the business model because it clarifies the following:
"A detailed description of the value that the organization provides to its clients"
Benefits and cost are the two fundamental components of consumer value. Remember that some businesses have been forced to close due to a lack of demand for their products or services. It is possible that the products or services are not completely out of demand. Quality, popularity, accessibility, and ease of use are some of potential benefits. Customers will value your product or service higher in this paradigm shift if you enhance the benefits without raising the price - at least from the customer's perspective. In this decision-making process, the value of the business model is reviewed, and it outlines the value that the Human Resources function contributes to the company's overall worth.
"The manner in which the organisation provides this value"
What is the method for delivering this value to the client? Do we require additional human resources, and if yes, what talents do we need as a business for our competitive advantage? Is it necessary for us to welcome additional technological advances? Is it necessary to recruit the assistance of third parties in order to reach our clients - in other words, what parts of our workflow processes should we outsource? Should we fire some of our employees as a result of the new delivery methods?
When it comes to revising the components of the business model, the above are the challenges that every manager or supervisor will have in mind.
"How does the organization capture this value?"
Often, capturing value demands paying close attention to market competitiveness while keeping operating expenses low. New production processes, product development, service, market analysis, and marketing abilities may be required to produce value, and human resource is never overlooked when dealing with all of these factors.
"How does the organization profit from this value?"
This brings us to the crème of the crop: in any profit-making organization, human resource managers and shareholders are always at odds. This is where you hear business jargon such as, “ does it make business sense?” “What is the value of this cost?” Human resource professionals must ensure that they work directly with an organization's leadership to build and direct an HR agenda that closely supports corporate goals in today's evolving organizations.
All of the factors mentioned influence the future of Human Resources in these virtual businesses. Workflows can help to automate and streamline repetitive company procedures, lowering the chance of errors and increasing total human resource productivity, when all of the aforementioned factors are taken into account. In essence, in a society controlled by virtual companies, this is the future of human resources.
This content reflects the personal opinions of the author. It is accurate and true to the best of the author’s knowledge and should not be substituted for impartial fact or advice in legal, political, or personal matters.
© 2021 Thuso Nnanaakoko Bachelor of Arts HRM