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It is something that all organizations, big or small need to have. But it is probably one of the most ignored aspects of working in the corporate sphere. I am talking about the HR policy here and if you, like millions of your countrymen work in the private sector, you would have realized its importance.
To be honest, even before the thought of setting up a company is mooted, even before the registrations and paperwork are completed, the HR policy needs to be drafted. Yes, it may not be a critical factor if your company includes just you and a part time housekeeping person. But, if you are talking about a company that has more than two or three people involved in it, you need to have an effective HR policy. But why is the HR policy so important? To answer that question, let us take a look at what some of the leading business persons of our times have to say.
Ask anyone who is very successful in any sphere what their most critical asset is and chances are they will mention their human resources. In fact, David Ogilvy, one of the founding fathers of modern day advertising is reputed to have once said that his ‘inventory goes down the elevator at the end of each working day!’ That is the sort of importance that anyone – whether they are in the manufacturing, services or even product industry – gives their human capital. And the human capital is shaped by the kind of HR policy that the company employs.
Let’s face it. All of us are aware of the fact that human beings are rather moody. The genius who is sometimes so productive at your organization could have his/her downtimes where nothing, even the most simple tasks, get done. This is something that you as a manager need to be wary about. Not so much because it affects your profits, but because it will enable you to understand what makes that worker super productive and will allow you to increase the randomness of that act. Now if you have a smaller company, you might, by the process of trial and error, be able to find out the details for yourself. But if your company is much larger, you need to rely on an effective HR policy to do so.
In conclusion, an effective HR policy can go a long way in making or breaking your company. And the sooner you realize this and put an effective HR policy in place, the better!
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