Organizations and the human resources department tread a fine line when it comes to balancing finances and human capital expenditure. Expenditure, within this context, would be considered hiring, onboarding, training, and compensation. For example, expedient training may save the organization short-term monies, while sacrificing long-term prospects. Short-term monies pay rent, and long-term prospects build ideas. Thus, if an organization invests heavily in employee development, then they can expect better workman retention, and higher productivity rates. Inefficient human capital workflows ebb an instititions ability to executute decision, thus a ying vs. yang conundrum flows when an organization faces a financial crunch. Thus, as a CEO — beholden to shareholders, stakeholders, and the workman — what would you do?
Personally, I would work with the head of HR and the CFO to find a compromise. More than likely, if long-term prospects are not bleak- I would seek an infusion of private funding; otherwise, I would seek cash from private equity, or a public offering via a SPAC / IPO (yup, tough choices).
Moreover, end user data (EDGE data) is becoming increasingly important as organizations leverage machine-derived algorithms for predictive modeling. Therefore, the human resources department should implement a work-orientation program to ensure better data aggregation and save startup cost — this would reduce workman error when it comes to data aggregation practices.
[Side Note] The human resources department is one of the more under-appreciated functions in a given organization. Colloquially, the department handles nuanced cases between the workman, and often are bearers of uncomfortable meetings, such as post employment screenings (a euphemism for being fired.) Furthering the departments already strenuous expectations, the also derives maximum economic value from current and incomming human capital. They are expected to lower employee turnover and workman dissonance; and increase productivity via HRP’s.
An absolute prerequisite to efficient employee output — regardless of corporate rank — is the workman understanding the importance of the labor they are performing. Without purpose, talent cannot be utilized effectively. And when talent is not leveraged correctly, the aggregation of data, too is affected; thus nuancing HR-related predictive modeling.
For the most part, human psyche seeks continuous betterment, and proper training therein nurtures the aforementioned idiosyncrasy. Therefore, implementing a training program would improve employee retention, increase motivation, and reduce overhead costs. Training and development motivate the workman and benefit the organization.
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