People Capital: The Cornerstone Of Organisational Growth

The need for HR professionals to adapt their approaches to meet evolving business needs is crucial in today’s dynamic corporate world. Sunil Khurana, chief executive officer (CEO) and managing director (MD) of BPL Medical Technologies, delivered a compelling keynote at the BW People HR Excellence Summit 2024, offering valuable insights into human resource management. He emphasised, "People capital is the cornerstone of growth; without it, progress is unattainable."

Khurana outlined key strategies for HR professionals, advising that HR should extend beyond recruitment to become integral to business success. He stressed, “HR is not merely about filling positions; it’s about understanding and aligning with the organisation’s strategic goals.”

Khurana argued against a one-size-fits-all approach, advocating for solutions customised to each organisation’s unique context. “Effective HR requires a deep understanding of the organisation’s strategy and vision to truly support the CEO’s objectives,” he said.

Regarding recruitment, Khurana noted, “High-quality recruitment is essential, but the costliest candidate isn’t always the best fit.” He recommended hiring individuals with a strong desire to learn and grow rather than those with merely extensive experience. He advised that personnel costs should be managed effectively, keeping base costs within 15-18 per cent to support profitable growth.

Khurana highlighted the significance of employee retention through ongoing training and development. “Long-term employee retention, supported by continuous learning opportunities, is key to organisational success.” He also underscored the importance of engaging young talent for future growth.

The keynote address was titled, "Deliver What's Crucial, Rethink What's Possible: What the CEO Wants from HR."