When there are major financial business discussions going on, especially ones that concern cost reductions and investments; it is so important that HR is not ignored during this time. HR is a vital part of the decision making process and often they are left to fall by the wayside when really they could be so influential. They can help to gain the competitive advantage and this can really make or break some of the decisions that you are looking to make through important financial business discussions. These are some ways in which HR can be incredibly powerful in helping through the decision making process.
When it comes to cost reductions, HR can provide assistance in many different ways. HR generally works on a daily basis to directly decrease costs used by the business in questions and so they are often your first line of defense. Inviting them to the table for a discussion is extremely prudent because more often than not they will have the most experience in the field of keeping costs for a business low. It may then seem contrary to invite HR to a meeting about increasing your revenues, but there you would be wrong. Because HR is so involved with the human aspect of a business they often have an outside view of things going on. They’re more connected to your customer or client base which gives them reasonable information about what they would like to see out of your business. Because they understand what the clientele is looking for they can provide ways for your business to give it to them thus increasing your revenue.
HR can also be valuable in keeping costs within the business in check. Often this means being able to manage bonuses and salaries paid out to people actively working for the business. Though it may seem easy, HR will have the most in depth knowledge of how to control this spending and beyond that, how to make sure that the people working for your business stay as happy as possible while still keeping the money in check. It is a delicate balance to make sure that people are satisfied with the money they are receiving and still wanting to keep payments as low or reasonably low as possible and this is where HR can prove very useful in almost any discussion.
Because it is often so easy to forget to involve HR in discussions involving money, you may be losing out on some really valuable input. They have access to much more information that you may be aware of and often they have an outside viewpoint that can really help to challenge ideas that are already in place. This is how big changes happen, this is how a company gets back on its feet again, and this is how real decisions get made, by departments that have a lot to say and aren’t afraid to show the unpopular opinion when it is in the company’s best interest.
Every company’s worst nightmare is being imitated. It means that whatever you are doing is common enough that it can be replicated by anyone else and beyond that it means that you are not keeping up with the time because other companies are passing you by. HR is the part of your company that interacts with the public daily and they are going to be the people who notice changes or the threat of being imitated first. Because of being so hooked in to the outside world they have the most up to date information on it. You, as a business, need to consider this to be vital to your decision making. Because HR has the most current information they will be able to provide you with answers that are fresh and will keep your company moving forwards. This is the type of input that you will need if you are looking to expand.
The bottom line is that no matter how many companies say that HR is important to them, many still leave this branch out of crucial discussions. Don’t be one of those companies and lose out on all of the valuable information that you could gain by inviting their input to the table. They are one of the most overlooked departments which is a shame because often they are also the most valuable. Don’t let this value go to waste by not hearing what information they have to offer discussions. This could be the make or break decision for your business because inviting HR to the table cane the cutting edge call that will make sure that you are spending money in the right places, saving in others, and that you are always ahead of the curve when it comes to being imitated.