Kampala. Corporate firms and Small and Medium Enterprises (SMEs) have been advised to value human resource development as a way of boosting business growth and customer satisfaction.
According to National Social Security Fund managing director Richard Byarugaba, numbers, which are normally considered when defining value, are at the last end of the value creation process, and should not be overemphasised.
“We all know that businesses need money to function, and business owners want their companies to make money. But if you focus on just increasing the amount of money you make, it is actually detrimental to your business as a whole. Outside of revenue, the biggest thing is the value in people. We have to make sure that our people are equipped the way they need to be,” he said.
Mr Byarugaba was speaking during the opening of the CEO apprenticeship programme at the Kampala Serena Hotel recently.
He said adapting to industry changes and noticing opportunities based on what each business can provide exceptionally enhances value, and greatly improves customer satisfaction.
“Customer satisfaction is certainly important for growth, and a successful business needs the right talent to help it pick up the customers,” he said.
Traditionally, managers have mistakenly looked at value only in numbers, ignoring the capability of motivated human capital to boost customer satisfaction.
Mr Mathias Katamba, the Housing Finance Bank chief executive, said SMEs are considered one of the driving forces of modern economies due to their multifaceted contributions in terms of employment generation and export promotion.
He said to grow the SMEs into large multilateral businesses, managers need to focus on strengthening internal controls, and human resources development.
“Businesses start slow, grow and most easily hit the ceiling. At this point the company’s brand is no longer valuable to customers. A business, therefore, should establish the right infrastructure for long-term viability or things can fall into the cracks,” he said.
He advised SMEs to invest in getting their employees feeling appreciated in order to reduce their attrition rate and enhance their customers’ experience.
About the programme
The CEO apprenticeship programme is designed to unlock individual leadership potential and deepen knowledge of corporate leadership, while expanding an entrepreneurial mindset in each practitioner.