Why the board of directors and human resources are important to overcome turbulent times
[ad_1]
Like individuals, organizations sometimes experience turbulent times. During these turbulent times, boards and human resources departments are expected to think better and push forward with game ideas to weather the storm.
Dr. Alim Abubakre, founder of TEXEM in the UK, also spoke about the leadership expected from corporate boards and human resources in recent turbulent times.
Speaking at the Nigeria Board of Directors Conference on the topic of “The role of strategic leadership of boards in turbulent times,” Mr. Abubakure spoke about the crucible of weak institutions, limited infrastructure, intense competition, high inflation, and currency risks. , the board’s strategic leadership becomes not only critical, but existential.
“But survival should not be the goal. Success should be essential. Of course, challenges should be seen as obstacles. But they can be stepping stones for those with strategic foresight. It becomes.”
He strengthened his position by drawing inspiration from boards that have overcome similar challenges in other developing countries.
“Take, for example, the Rwanda Development Board, which is organizing to transform Rwanda into a competitive investment haven.” As Henry Mintzberg wisely put it, “Strategy is a pattern of decision-making. be”. The lessons are rich: foster a collaborative ecosystem, leverage technology to increase efficiency, align policy with national vision, and champion environmental, social, and governance (ESG) principles. If the Rwanda Development Board can do it, yours can too. ”
According to him, in this digital age, the role of the board goes beyond traditional governance. He added that the board needs to address artificial intelligence, virtual reality, big data, augmented reality, the Internet of Things, quantum computing and cryptocurrencies.
He argued that understanding and integrating these technologies is critical to sustainable success and alignment with ESG principles.
Offering some concrete solutions to Nigerian directors, Mr. Abubakure stressed the importance of a collaborative ecosystem, saying directors must foster cooperation among stakeholders. He also said that Directors need to coordinate public and private efforts to address weak institutions and jointly increase social impact.
He said there needs to be a conscious effort to identify the role of digital literacy and invest in the digital literacy of board members.
“Risk Management: Develop a robust strategy for risk management that takes into account currency risk and high inflation while incorporating ESG principles. As Bob Tricker rightly said, “Good governance is about compliance. It should be about performance. “The Board of Directors of Brazil’s Central Bank weathered economic instability through active risk management that incorporated sustainability.”
Highlighting the space for innovation, he said directors need to encourage innovative thinking, noting that Kenya’s mobile banking phenomenon, M-Pesa, was born out of the board’s commitment to financial inclusion, and that innovation and social He pointed out that this shows a fusion of influences.
He argued that strategic leadership requires courage, innovation, and adaptability in turbulent times.
“As a board member, you are more than just a manager. You are an architect of change. You embrace challenges, leverage technology, foster collaboration and champion ESG principles. Your role is more than just important. there is no.
It’s transformative. Diamonds form in a turbulent crucible. Become the architect of Nigeria’s bright and sustainable future.
“Peter Drucker wisely said: ‘Management is doing things right. Leadership is doing things right.'” Based on the principles of ESG, sustainability and ethical governance Let’s lead with wisdom. ”
Similarly, Mr. Abubakre, who spoke on “Human Resources as Strategic Leaders in Turbulent Times” at the Chartered Institute of Human Resource Management (CIPM) Annual Conference with the theme “Sustainable HR, Business and National Development”; He said it was important to understand the upheaval.
According to him, human resource managers are aware of the challenges faced by Nigerian businesses in this era characterized by high inflation, intense competition, talent drain, foreign exchange risks and geopolitical uncertainties impacting government revenue. There is a need to understand the challenges, noting that businesses in Nigeria are facing existential threats.
“As Peter Drucker wisely said, “The greatest danger in turbulent times is not the chaos itself, but operating with yesterday’s logic.” These turbulent times call for a paradigm shift. Human resources (HR) plays a pivotal role in this transformation journey.
“When HR becomes strategic, the ripple effects are transformative. Optimizing performance, stimulating innovation, boosting morale and creating sustainable competitive advantage become achievable goals. The role of HR as a strategic partner cannot be overstated as we navigate this era.”
He concluded by advising human resources professionals not to see themselves simply as managers of the workforce.
“You are the architects of the future. Embrace the challenges, use strategic human resources practices, and contribute to the sustainable success of your organization and the nation as a whole.” In the words of Peter Drucker, “You are the architects of the future. The best way to predict is to create it.” May strategic HR be the catalyst for building a sustainable future for Nigeria. ”
[ad_2]
Source: guardian.ng