HR Professionals And Financial Competencies At Starbucks

762 Words4 Pages
HR professionals and Financial Competency With the changing roles of HR function in the global economy, HR professionals are required to master additional competencies that are necessary for creating and sustaining competitive advantages in their organizations (Ramlall, 2006). For instance, Starbucks requires the HR professionals in the organization to take part in maximizing the company’s productivity. Maximizing the company’s productivity, in this case, includes being competent in the various organizational activities that have an impact on the company’s strategic decisions (Ramlall, 2006). In my opinion, financial competencies are invaluable for HR professionals at Starbucks. Essentially, financial competencies entail understanding the organization’s value chain regarding how the company makes and spends its financial resources, how it delivers value to the shareholders and customers of the firm and how it evaluates its ability to design its competitive strategy (Ramlall, 2006). With financial competency, the HR professionals will be able to make better and informed decisions on how to save money for the firm, boost its revenues and ultimately improve its bottom line. The benefits and Limitations of Conducting a Cost-Benefit Analysis For an HR Initiative In General According to Biswas & Director (2013), human resource initiatives such as recruitment, selection, compensation and the administration of workforce takes up the largest component of company’s operating costs.
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