The Human Resources Strategic Business Plan
Transitioning HR from a transactional function to a human capital business asset
“Definition of Human Capital: A company’s human capital asset is the collective sum of the attributes, life experience, knowledge, inventiveness, energy and enthusiasm that its people choose to invest in their work.” -SHRM Research Quarterly
Expectations are clear for Human Resources (according to research from the Society for Human Resources Management):
- Align people strategies with business goals
- Manage organizational change
- Partner with front line leaders
- Identify and develop future leaders
- Create structures and cultures that promote loyalty and productivity
- Choose cost-effective HR solutions
- Demonstrate knowledge of business
- Provide strategic advice while delivering superior HR services
What gets measured; gets done. The common issue is that too many HR departments cannot easily address these expectations due to lack of data. To keep a seat at the table, HR has to know which human capital practices add the most value.
Components of a Strategic HR Business Plan
- Company’s strategic plan
- Pre-work questionnaire for HR dept
- Strategic business questionnaire for company’s business leaders regarding:
- Market Issues
- Leadership Issues
- HR Issues
- One day work session
- Defining a human capital business leader
- Human Resources Evolution
- Assess
- Analyze
- Achieve
- Action
- Two hour quarterly follow up sessions
An organizations’ number one competitive advantage is the people who work there. The people are the business.