Citi Business Festival: SMEs’ profitability hinges on effective HR management – Francis Eduku
Small and Medium-sized enterprises have been urged to have structured human resources management processes to enhance organizational growth and development.
According to Dr. Francis Eduku, Chief Executive Officer of the Chartered Institute of Human Resource Management, this also ensures profitability through effective cost management.
Speaking on the second day of the final week of the Citi Business Festival 2024 On-Air Series, Francis Eduku, said in a workplace of diversified employees, human resource management is essential to manage performances to reach the preset objective of the business.
“Human resource management is very critical because every organization looks at people. It is the people who transform the organization processes, and create value in the products that eventually turn into money. It is not the machines because, without the people, the machines cannot create value; that makes human resource management very important.’
“As people are crucial to every organization, SMEs are also the backbone of every economy through job creation and economic growth. If SMEs have proper HR processes, they will create more value for their organizations.
“More often than not, we see SMEs operate at the informal level where there are no structured HR processes. For some, people are even recruited before their job descriptions are prepared.’”
The Citi Business Festival 2024 is powered by 97.3 Citi FM and Channel One TV in partnership with Absa Bank and is sponsored by MTN Business, GIRSAL, AMG Fertilizer, Nsano Ltd and Agri-Impact Limited.
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