Effective HR Practices, Key to Driving Economic Growth, Says Expert

Sunday Ehigiator

Head of Human Resources, Tedell Global Resources Limited, Adegbenro Della Adetokunbo, has highlighted effective Human Resources (HR) practice as a very key component to drive economic growth.

Speaking at a recent media chat, Adetokunbo said Human Resources (HR) and the economy are intricately linked in a symbiotic relationship that shapes the prosperity and growth of any nation.

According to her, “HR encompasses the management of an organization’s workforce, focusing on recruitment, training, development, and employee welfare. The economy, on the other hand, is the large-scale system of production, distribution, and consumption of goods and services. “Effective HR practices are pivotal in enhancing productivity and innovation within the workforce. By investing in employee training and development, organizations can foster a more skilled and adaptable workforce. This, in turn, leads to higher productivity levels, as employees are better equipped to perform their tasks efficiently and creatively.

“For instance, countries with robust HR practices, such as continuous professional development and employee engagement programs, often experience higher economic growth rates. This is because a well-trained workforce can drive innovation, improve product quality, and increase competitiveness in the global market.”

He added, “Conversely, the state of the economy significantly impacts HR strategies and practices. During periods of economic growth, organisations are more likely to invest in their workforce, offering better salaries, benefits, and career development opportunities. This can lead to higher job satisfaction and employee retention rates, which are crucial for maintaining a stable and motivated workforce.”

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