Cleviston Haynes: Re-inventing Human Resources and the power of internal marketing – making Human Resources’ presence felt within your organisation Welcome address by Mr Cleviston Haynes, Deputy Governor of the Central Bank of Barbados, at the Central Bank/Human Resource Management Association of Barbados (HRMAB) sponsored workshop, Bridgetown, 15 April 2011. * * * The Central Bank is delighted to co-sponsor this workshop with the Human Resource Management Association of Barbados Inc. on the theme “Re-inventing HR and the Power of Internal Marketing: Making HR’s Presence Felt Within your Organization. The Bank’s involvement in enriching intellectual debate on matters pertaining to our core disciplines of economics, banking and finance is well known. It may seem somewhat unusual to some for the Bank to headline a presentation on human resources management. However, when our HR Director, Janis Marville approached senior management with the idea of supporting this venture, there was no hesitation in agreeing to our participation. We are acutely aware that, as a knowledge-based institution, our ultimate success rests heavily on the quality of our human resources, the culture we foster, the morale of the organization and the responsiveness to the dynamic changes in the environment in which our human resources practise their craft. We believe therefore that the human resource function is central to all that we do. The role of HR is constantly evolving and no longer is the HR specialist to be viewed simply as one responsible for recruitment, discipline, and the storage of employee records. Properly utilised, he has the potential to be a Strategic Partner in the achievement of our core objectives. The HR specialist has to prepare himself for this role, for his contribution to the organisation will not be limited to the policing of rules, important as they may be. Instead, the HR specialist will need to focus on working closely with management to leverage the potential of all employees, while providing guidance to management on how to navigate the employee-related challenges that our organisations face. At the Bank, we recognise the need for a strategic approach to Human Resource Management so that, through a strategic partnership, the Human Resource function can support the Bank’s vision and direction by inter alia a) Strengthening our processes for the recruitment, development and retention of staff with the appropriate technical and/or leadership skills to enable the Bank to achieve its objectives; b) Promoting a Strategic Approach to Training and Development to assist in the alignment of training with the Bank’s needs; c) Launching talent management to facilitate individual growth, succession and career development across the organization; d) Creating business partnerships between HR and line departments to enable appropriate information sharing and nimble responses to issues as they arise; e) Developing the necessary infrastructure and programmes to support an Emotional Intelligence strategy as a means of building trust, encouraging teamwork and promoting greater cooperation at all levels of the organization; and f) Introducing feedback channels to evaluate progress in achieving our objectives, including compliance with the values that we establish for ourselves. BIS central bankers’ speeches We live in a world where labour is increasingly mobile, but the opportunity costs of training new employees can be high. We need therefore to consider what systems we can put in place to engender increased employee loyalty, productivity and efficiencies. It is clear that remuneration is not the sole criterion that motivates individuals to stay in an organisation or to produce at a high level. It is important to build a culture that encourages trust, respect and caring. While our HR departments cannot be the sole agents for this culture, they represent the barometer that helps us to gauge where our organisations are and how we can strengthen them. The concept of marketing yourself so that you remain relevant to your stakeholders is therefore crucial for us to achieve progress in this area. Some may question how we can do this with all the other demands on our time. I believe that HR needs to embrace the use of technology to improve efficiency in its functions so that it can inter alia a) Reduce manual processes; b) Store, manipulate and analyse employee data; c) Develop on-line training; and d) Enhance the timeliness of communication. I am of the view that the profile of HR within the Barbadian setting is already on the rise and, I noted with interest, that earlier this week a new publication on best HR practices within the local economy was launched. Such publications have the potential to establish benchmarks and I encourage you to continue to reach for the best. Workshops such as this are useful in helping practitioners to broaden their toolkit in coping with the emerging challenges. I encourage you therefore to take advantage of the opportunities provided here to strengthen your capabilities. I wish to extend a special welcome to Jeremy Ashworth who will guide the workshop today. Jeremy brings a wealth of experience to these discussions and, based on my limited interaction with him, I am sure that you will find him engaging and passionate about how to effect behavioural change within the organisation. Jeremy, I know that you have visited Barbados before, but I do hope you have some time on this trip to enjoy the sights and tastes of Barbados. Let me also offer, on behalf of the Bank and other sponsors a welcome to all of you who have taken the opportunity to benefit from this workshop. It is my hope that you will be able to take away new implementable ideas at the end of the day. Thank you. BIS central bankers’ speeches