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ROLE OF HR AS A STRATEGIC PARTNER
BANKING FINANCE
|October 2021
Strategic human resource management involves a future-focused goal-oriented process of developing and implementing HR programs and initiatives that will address and solve business problems and directly contribute in achieving major long-term business objectives of the organization.

Gone are the days when HR management was seen as an administrative function focused on daily responsibilities such as employee recruiting and selection and managing employee benefits. Changing market conditions and new business thinking call for HR business strategies that include recruiting and retaining the right people, as well as providing ethical and cultural leadership.
Strategic planning presents great challenges and plethora of opportunities for HR professionals. Nearly all HR leaders in the largest global companies are involved in strategic decision-making and are member of the organization's strategy team, and a majority of HR professionals have strategic planning as part of their core job. In contrast, HR professionals in many medium and small organizations are not often involved in organizational or functional strategic planning.
Consequently, to achieve long-term strategic HR objectives that are set by HR and to be a key player in the organization's strategic planning process, some HR departments may need to strive and justify to senior management about the value and contribution they can provide, and in overall organizations strategy.
How to develop a strategic HR plan?
Developing a strategic HR plan is an art as well as it needs scientific approach. HR's role includes developing a plan of HR initiatives to achieve and promote the behaviors, culture and competencies needed to attain and achieve organizational goals.
Results-oriented goals broadly include the following:
1) Correctly assessing staff requirement, skill set, job role requirements.
This story is from the October 2021 edition of BANKING FINANCE.
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