Bala V Sathyanarayanan serves as EVP & CHRO at Greif, Inc (NYSE: GEF) & Chairman of the Board of Directors at Balmer Lawrie - Van Leer Ltd.
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As a chief human resources officer, it's exciting to partner with a first-time CEO to deliver a world-class, diverse and engaged workforce to help execute the organization's business strategy.
If you're a new CEO looking to continue driving growth and success for your new company, remember that human resources can play a critical role in enabling business growth. Together, you and the head of HR can leverage the expertise of your teams to create a strong foundation for your company's future success.
Here are my top five strategies that you can implement as a first-time CEO to leverage HR to enable business growth. Think of these as starting points to hit the ground running with the help of HR:
1. Develop a talent management strategy.
I recommend creating a talent management strategy that aligns with your business goals to attract and retain top talent. This strategy should include offering professional development opportunities, such as tuition reimbursement, mentoring, coaching, on-the-job training, etc., to help employees grow. Create a clear career progression plan for employees to help them see how they can advance within your company.
2. Foster a culture of learning.
To promote a culture of continuous learning, offer training and development programs, such as leadership development programs, technical skills training and soft skills training. Encourage employees to attend conferences or participate in industry associations to keep up with the latest trends and technologies.
3. Use data to drive HR decisions.
To make data-driven HR decisions, measure the effectiveness of your programs and initiatives by tracking employee engagement, turnover rates and other key performance indicators. For example, you could use pulse surveys to measure employee satisfaction and engagement levels regularly. You could also track the cost of employee turnover and use this data to identify areas where you need to improve retention. Having key HR data can help you manage your SG&A better and align it with your financial capital decisions.
4. Emphasize diversity and inclusion.
To promote diversity and inclusion, implement programs and initiatives such as employee resource groups, diversity training and inclusive hiring practices. For example, you could create employee resource groups for underrepresented groups, such as women, people of color, LGBTQ employees, those interested in a generational diversity group, etc., to provide support and networking opportunities. You should also provide diversity, equity and inclusion training to all employees to promote a more inclusive and equitable workplace culture.
5. Focus on employee engagement.
In my experience, the secret sauce for any organization's success is engaged employees. To foster employee engagement, consider implementing programs and initiatives that promote work-life balance, recognition and employee well-being. For example, you could offer flexible work arrangements, such as telecommuting or flexible schedules, to help employees balance their work and personal lives. You should also recognize employee contributions with timely recognition and rewards such as bonuses, promotions and public recognition. Provide resources and programs to support employee well-being, such as an employee assistance program and on-site wellness activities.
By leveraging HR in these ways, you can create a strong foundation for business growth and success. Your team can play a critical role in enabling the company to achieve its goals by attracting, retaining and developing top talent, fostering a culture of continuous learning, making data-driven HR decisions, promoting diversity and inclusion and focusing on employee engagement.
Thank you for considering these recommendations. Think of these as thought starters to help you hit the ground running and set your new organization up for success.
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