'Cost saving, efficiency key to growth'

Cost Saving

Once introduced by companies to tide over uncertain economic conditions, cost saving and efficiency initiatives at work place have now become the focal areas to drive performance and growth, says a survey.

The findings are part of results of a Hay Group survey that covered more than 1,400 HR professionals and senior management executives worldwide.

"... cost cutting and efficiency priorities – introduced to weather the economic storm of recent years - have now evolved to a focus on driving performance and growth," global HR services firm Hay Group said in a report released today.

Among the respondents, only 34 per cent felt that HR is making a significant strategic contribution to their organisation while 60 per cent positioned themselves somewhere in the middle, "confirming that there's still much room for improvement".

According to the survey, emerging HR concerns for the years ahead would be around developing the workforce and ensuring the right people are in the right roles and doing the right work.

"As market demands continue to change, organisational success will hinge on HR's ability to connect human capital decisions with business strategy," Hay Group's global head of work measurement Phil Johnson said.

He noted that HR would need to stop clinging to traditional processes and inefficient silos and move toward an integrated approach that links work and people to business results.

Going by the survey, there is still significant misalignment across HR disciplines. Only 40 per cent respondents said that work measurement and talent management processes are closely aligned.

"Even fewer (36 per cent) say talent management and organisational effectiveness are closely aligned," Hay Group said.

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