In an era defined by rapid transformation and uncertainty, the role of HR has never been more pivotal. At the People Matters TechHR Singapore 2025 conference, Dave Ulrich, a distinguished author, professor at the University of Michigan, and partner at RBL Group, delivered a stirring keynote on the next curve in HR, distilling it into six powerful words: Deliver Stakeholder Value Through Human Capability. 

“People often ask me: what’s next in HR? and my answer is simple but profound- Delivering stakeholder value through human capability,” Ulrich stated. “This isn’t just about buzzwords; it’s about where the field of HR must go. Now is the time to rethink our role and our impact.”

HR’s Evolution: From Personnel to Stakeholder Value

HR has evolved significantly over the decades—from personnel management focusing on work conditions to human resources as a system for staffing and training, then to human capital, which emphasises managing people as assets. But the next leap forward is about value creation—not just for employees but for all stakeholders. “HR is no longer just about HR. It’s about delivering business results. If your organisation isn’t winning in the marketplace, there will be no workplace," Ulrich asserted.

Governments and regulatory bodies are recognising this shift. Around the world, stewardship of human capital is being institutionalised, with organisations required to disclose their management of human resources, much like financial reporting. The message is clear: HR is not just a support function but a strategic enabler of business success.

Also Read: TechHR Singapore 2025: People Matters CEO Pushkar Bidwai on HR's next power move

AI as an Enabler, Not a Replacement

Artificial intelligence (AI) is undeniably reshaping HR. "We cannot have a conference without AI being mentioned multiple times. But what does AI really do? It provides information—information that was previously inaccessible, improving our decision-making process," Ulrich explained. However, he cautioned, "AI is based on past data. It gives us insight, but it doesn’t predict the future. We must use it wisely to create value."

Rather than fearing AI, HR professionals must harness it to drive stakeholder value—whether through predictive analytics in talent management, improving employee experience, or personalising learning and development. "We don’t stop playing because we grow old. We grow old because we stop playing. The game is evolving, and so must HR," Ulrich remarked.

HR’s True Purpose: Value Creation Beyond Employees

Traditionally, HR has focused on serving employees, senior leadership, and the board. But Ulrich challenged this limited perspective. "Customers are human. Patients in hospitals are human. Investors are human. Our job in HR is to create value for every human being who interacts with our organisation," he declared. "If we reframe HR as a function that impacts not just employees but customers, investors, and the community, we unlock its true potential."

This shift requires a new way of measuring success. "Financial results are lag indicators—they tell us what has already happened. HR initiatives, on the other hand, are lead indicators of future financial outcomes. We must align our work with what drives long-term business success."

Also Read: The growing challenge of decision paralysis

From Insight to Action: What HR Must Do Next

With the wealth of insights from the conference, Ulrich urged HR leaders to move beyond inspiration and take action. "You’ve attended incredible sessions on AI, leadership, DEI, culture, and agility. But if you go back and try to implement 26 things at once, what will happen? Nothing. Good is the enemy of great. We need a taxonomy to categorise and prioritise our efforts."

• Ulrich proposed four key areas where HR must focus to drive value:
• Talent: Building skills, confidence, and a future-ready workforce.
• Organisation: Strengthening culture, systems, and team effectiveness.
• Leadership: Developing adaptable, visionary leaders who drive change.
• HR Function: Leveraging AI and analytics to enhance HR’s strategic impact.

To cement these priorities, Ulrich introduced a simple yet profound exercise: "Hold up your right hand—this represents talent. Your left hand represents organisation. Now, put them together as a symbol of respect. That’s the essence of HR: bringing talent, organisation, and leadership together to create real value."

The HR Imperative: Driving Business Success

At the core of Ulrich’s message is a radical but essential truth: HR is not about HR. It is about driving business success through human capability. "Our job is not to simply implement HR processes but to ensure our organisations win in the marketplace. If we fail to connect HR to business outcomes, we miss the bigger picture."

As HR leaders leave this conference, Ulrich left them with a call to action: "Take everything you’ve learned and apply it through a value-creation lens. Ask yourself, ‘How will this help my company succeed in the marketplace? How will this create value for customers, investors, and society?’ Because that is the future of HR."

Final Thought: The Game is Changing—Are You?

HR is at an inflection point. The future of HR is not about staying within the confines of traditional roles—it’s about creating impact where it truly matters. Now is the time for HR to step up and lead the next curve—one where human capability is the engine of stakeholder value. The game has changed. The question is: Are you ready to play?