Growth is very good for business. A bolstering company will always be very concerned with increasing sales and strengthening its position in the market. Nonetheless, growth is not something we can strictly define. There is so much to talk about when we think of growth. However, in this short article, we’ll be looking at the importance of growth, and How Human Resource(HR) can contribute to business growth.
What is business growth?
Measuring growth could be quite tricky. It is easier to use some common data points to show a company’s growth state. These could include:
- Company Value
- Number of Employees
- Number of Customers
Growth could occur in some of these metrics but not in others or vice versa.
Why is business growth important
Growth “is crucial to the long-term survival of a business,” notes nibusinessinfo.co.uk, pointing to these clear-cut benefits:
- Easier to add resources
- Locate and identify new sales opportunities
- Expand range of products or services
- Acquire new customers
Also, growth can “boost your business’ credibility, allowing you to broaden your supply base and increase stability and profits.”
All compelling benefits gained by the pursuit of business growth!
How Human Resource (HR) can contribute to business growth
Considering what we’ve analyzed about business growth, one could arguably say, what takes a company to the next level, is People.
When it comes to people, the one department that is focused on your team is Human Resources. Let’s look at how jobmonkey.com sees company growth through HR:
- Build Your Brand And Culture – Brand and culture are key components for every successful business. HR can dedicate the time and energy into building the brand and culture that works for you and your team.
- Plan For Growth – By actively anticipating your future growth, HR can help you create a strategy to recruit top talent in a timely manner.
- Hire The Right People – HR is trained to analyze and assess job candidates. They know how to make hiring decisions that will help you get ahead.
- Invest In Your Team – HR will give your team the training and tools they need to be successful at their jobs.
- Develop Talent – HR knows how to hire for personality over experience. This allows you to mold job candidates into superstar employees.
There is so much more to be gained from using a very good HR team, be it an in-house or outsourced team. The company also frees itself of guesswork when it comes to the right employee.
Need to know more on how Human Resource works?