Top Five Human Resource (HR) Priorities For Market Repositioning

• Published date: 28 October 2021
• Subject Matter: mployment and HR, Law Practice Management, Employee Benefits & Compensation, Human Resource Management
• Law Firm: Asare Bediako & Co
• Author: Mr Kwame Asare Bediako

INTRODUCTION

The way we do business is rapidly changing, from technology, customer demands, competitive market conditions to employee preferences. There may be countless reasons a business might rebrand. Key deciders may be repositioning, merger or acquisition, outdated corporate image, and internationalization. Therefore any business which is rebranding needs to have a focused and strategic leadership taking bold decisions to be more competitive and agile.

Since people are the driving force of change and will be the change drivers I have listed five (5) areas of top priorities for HR to implement and support the rebranding process.

BUILD TALENT STRATEGY

Redevelop people plans and strategies from an overall business strategy. HR strategy sets the direction for all the key areas of HR, including workforce planning, resourcing, performance management, people development as well as compensation. Key decision parameters for strategy development include questions; which new capabilities must be built? What new technologies can we leverage on to have robust systems for our employees? Is this is a business with aggressive growth ambition? Design growth strategy and determine whether the growth will be organic or inorganic? Is the organization building their own talent or buying talent. Design reward systems that support wellbeing, flexible working options, and have overall, engagement and retention of employees, at the heart of the system. Therefore design performance management system and consider ways to increase retention and productivity.

CREATE A HIGH PERFORMANCE CULTURE

Set up reporting structures to create a more efficient and agile business which enables Departmental heads to manage their employees better. Providing them the authority, skills and tools they need to be able to effectively manage high performing teams and create customer organization to enhance customer experience. Through performance management there will be more collaboration among team and team mates to develop the right tune for cultural shift. Imbibe company values into performance management systems which would shape employee behaviours and create a positive work culture.

COMPENSATION AND BENEFITS

As part of HR strategy, compensation and benefits systems must be designed to align performance with how business reward its employees in order to drive employee retention and performance. The business needs to review employee policy on reward; looking at pay...