The role of a middle man typically requires a level of stakeholder management and ensuring a fair position between two or more, sometimes divergent or opposing parties. As a profession that is involved in creating a balance and alignment between employers and employees amongst a myriad of other stakeholders, the Human Resources function has been considered as an intermediary kind of role.
However, the realities facing the Human Resources professional in these interesting times, suggests and demands a bit more than that. The revolving circumstances the Human Resources professional finds himself or herself has since effected a transition from something typical to something a bit more dynamic, a bit more strategic, a bit more challenging and a lot more interesting. Especially in these times, this perspective is butressed by the following:
- The Changing Economic Landscape: Regardless of industry peculiarities, every business seems to be dealing with the same issues. These include forex scarcity, a falling Naira, spiralling inflation, heightened cost of business operations, challenged infrastructure, insecurity and the overall impact of these factors on production, sales and profitability. Nearly every week, there is a policy update or a knee jerk reaction to a prevailing issue with consequent implications for a long chain of stakeholders. In the midst of what appears like policy experimenting or frantic attempts by the government at navigating the evolving economic realities, the brunt of these actions and policies is borne by players in each industry who are already constrained from transferring costs to the customers and end users in a period of rising inflation, competition and potentially dwindling sales.
- The realities of Business Performance: Between the last quarter of 2023 and the 1st quarter of 2024, nearly every week, we are greeted to the news of a loss position declared by leading companies within the economy. As one companies declares losses, the next week, we are greeted with the news of another loss making position. This negative trend spreads across various sectors as the cause is similiar, a challenged economy and the key elements that hinder it from performing as expected.
- Intricacies around Talent: As each industry and each company seeks to address the aforementioned issues, a key element on their minds is how to manage their people. Of course, they recognize that people are the internal resources through which corporate entities achieve their goals. However, these companies are sometimes faced with a challenge between good intentions and a constrained capacity to effect them. Whilst individual and functional performance could be justifications, overall business performance amidst a challenged economy could be a limitation on the other hand. As a wise man said "If a ship sinks, everyone will be affected but if we can stick together and sail through, we may all safely get to shore." Talent on its part post Covid and within the new way of working, is more mobile, more adventurous, and seemingly enjoying the dividends of a power shift from an employer's market to a talent's market given the ongoing war for available talent. The changes in visa requirements for some targeted foreign destinations on its own poses a double edged sword. For one, the decline in the value of the Naira has made the thoughts of migration more appealing on one hand, whilst the cost of relocation have surged and are casting doubts about migration on the other. As these conversations go on, with the issue of spiralling operational costs, businesses are beginning to carve out their own peculiar talent strategies cutting across identifying, developing and deploying talent whilst dealing with their own realities and business needs.
In all of these, not one cap fits all. Everyone has a view of the elephant based on the side they are latching on to. In some cases, there are no right or wrong answers. It all depends on what path one deems best to take side by side the realities of what each decision portends and the implications therefrom. However, a few pointers could be helpful:
- Before the task to get all parties on the same page, do they all have access to the same information to drive decision making and alignment? A lot of times, assumptions are made and wrong impressions are the results.
- Are there some things we are assuming or some factors we are taking for granted? No stone should be left unturned. You never know until you know for certain. Overlooking little details can prove costly.
- In a world of uncertainty, are there any lines we can draw that can advise the next possible and practical path of action? Clarity of direction and action is important in the midst of all the confusion or else, a period of inactivity may be experienced.
- In the midst of rising inflation, are there oppportunities to move from not just cost savings to cost and value optimisation?
- What alternatives can we explore to achieve the same objectives in a faster, easier and more cost effective and productive way?
- What is the worst that can happen and how well are we prepared for it?
- What works best for us? Are we just following the crowd or do we have the boldness to go along our unique path?
Beyond the philosophy within the saying "No one knows tomorrow", we must realize that whilst we are in the midst of a raging sea, our team work, resolve, determination and efforts to get to the shore may be all we need.
Cheers to an amazing 2024. I think we all need it.
