AS MARKETS DIVERSIFY and competitors upgrade, few businesses can rely on the same old systems and processes to deliver results. The demand for ever better performance creates a constant challenge to find more effective ways to manage human resource (HR) processes.
However, it is often difficult to define exactly what processes would deliver the required results.
Chantal Free, human capital group practice leader for Watson Wyatt Hong Kong, said it helped to watch what other people had done and learn from their mistakes and successes.
'Things are moving so fast these days that it is easy to run out of ideas for improvement. This is why sharing best practice ideas is important,' she said.
Adopting proven best practice techniques can certainly help to build competitive advantage. Last year, the Watson Wyatt Asia Pacific Human Capital Index (HCI) survey demonstrated clear links between good human capital practices and superior returns for shareholders.
The study describes how companies that incorporate best practice in categories such as 'Clear Rewards and Accountability', 'Excellence in Recruitment and Retention', 'Focused HR Technology', and 'Communications Integrity', have increased shareholder value by up to 21 per cent for each category of best practice.
Local human resources professionals and executives had a chance to share their own success stories at a seminar on Tuesday entitled 'HR management in Greater China - best practices in talent attraction and retention', organised by the South China Morning Post and Watson Wyatt.