The president and chairman of council of the Chartered Institute of Human Resources and Strategic Management (CIHRSM), Tein Jack-Rick, has said nearly $250 million has been lost over the last five years to wrong workplace culture.
Speaking at the professional membership certificate induction ceremony in Lagos, Jack-Rick said nearly a quarter of a trillion dollars has been lost in the last five years due to “regretful turnover caused by unfit workplace culture, more than ever board and executive teams appreciate the impact that intangible assets like human resources play in winning talent and in the market.
“But they often do not know how to act which is why historically, handling organisational culture has been passed to HR functions that have not had the data, resources nor sufficient influence to properly measure and manage it.”
Jack-Rick in his opening address stressed the important role of human resources in helping to drive top-down culture change in an organisation. “We live in disruptive times therefore; Contemporary consulting skills can play a crucial role in shaping enterprise performance.
“Now as one of the managers as consultants in house or external recognising the key role function it can play in connecting people across the business and actively shepherding a corporate culture that is fit for both the organisation’s strategy and risk tolerance.”
He noted that consulting skills present HR with an exciting opportunity to not just define culture and how it is measured, but also to help set the tone at the top and deliver strategic values at a boardroom level. “By owning and communicating culture, ensuring that it is embedded yet constantly evolving and acting as the intermediary that aligns those at the top with those lower down the chain.”
He challenged the inductees across the different Membership cadre to make use of the repertoire of resource persons invited as speakers to the Induction for they will certainly do justice to the issues of contemporary consulting skills and wished them wonderful celebration with rewarding deliberations.
On his part, the registrar and chief executive of the institute, Abell Minna Onomroba said CIHRSM is synonymous with building the HR and strategic management ecosystem as it is geared towards expanding frontier of knowledge and practice of human resources and strategic management in the 21st century.
“The world is in dire need of professionals of this institute as the demand for management of human resources and strategic management is in great demand around the world. It therefore suffices to say that the demand for knowledge and certification in this field of study will help to accelerate optimal utilisation of human resources in Nigeria and the global market space.