Lalith Weragoda

PROTECTING THE VALUE CREATORS

Successful organisations rely on strong human resource management skills

Primary purpose of human resources management (HRM)
To foster a positive and productive work environment, by ensuring that employees are happy and equipped to perform effectively.

Employee-employer nexus
We must make sure that employees are aligned with the organisation’s ethical standards and core values.

HRM and business goals
To achieve business outcomes, we must ensure employees are happy and motivated – a motivated workforce is key to optimal performance and organisational success.

Banking sector HRM
People are the value creators in any organisation – this is particularly important for the sector as banking service delivery and consumption take place simultaneously.

Attracting the right workforce to meet strategic goals
There are three steps: attract individuals with potential and the right mindset; diligently ensure they fall in line with the organisation’s culture; and set the right objectives, and compensate them accordingly.

Must-have HRM strengths
Key strengths are empathy, strong business acumen and the ability to uplift morale during challenging times while maintaining stability during rough patches.

Talent retention
Strategically identify and attract passive candidates who are not actively seeking new opportunities, but are content and successful in their current roles.

Importance of talent retention
These individuals often have the potential to bring significant value to the organisation due to their stability, satisfaction and proven track record in their current positions.

Managing employee benefits and compensation
HRM plays a crucial role by designing and offering competitive benefit packages that enable employees to lead comfortable lives, as well as facili­tating, attracting and retaining the best talent.

Addressing workplace diversity and inclusion
Diversity is vital for organisational competitiveness – it brings a range of perspectives that drive innovation.

Promoting diversity
It fosters mutual respect and understanding among employees – and this enhances overall workplace productivity.

Fostering employee engagement
HRM can boost employee engagement by ensuring that individuals are well matched to their roles – this naturally fosters motivation.

Driving employee motivation
I don’t agree with the concept of ‘employee motivation’ – if we recruit the right people, they are self-motivated and the one thing we should do is prevent demotivation.

HRM in organisational culture development
Organisational culture serves as a source of competitive advantage. It is essential for human resources to ensure that the desired culture is embraced and practised by all employees.

Distinctive aspects of culture
Unique aspects such as interactions, problem solving approaches and communication styles distinguish us from competitors, even if products or technologies are easily replicated.

Contribution to talent retention strategies
HRM contributes to talent retention by developing effective systems, policies and procedures.

People management skills
The focus is on enhancing line managers’ skills in being effective people managers. This support helps ensure that they can retain talent within the organisation.

Areas for improvement
Local human resource professionals can improve by ensuring adherence to established policies and procedures, and implementing clear guidelines for key HR aspects.

Professionalism
Maintaining professionalism in all dealings and conduct is most important.

Vision for the profession
Sri Lanka’s HR profession should focus on retaining young talent by creating an environment that encourages them to stay in the country.

For those who venture overseas…
Organisations’ human resources teams should develop mechanisms to enable remote collaboration with local organisations.

Bridging the gap between education and industry needs
Partner with local universities to bridge the gap between academic knowledge and practical industry application

Workplace preparation
The above will ensure that local graduates are well prepared for the workforce.

Your mantra for success
Being value driven, setting achievable targets and reaching them with determination – this involves respecting new knowledge, remaining flexible, staying grounded and committing to continuous learning.

– Compiled by Indrajit Lankeshwara