Talent acquisition is important for most businesses, but how you manage those individuals will dictate their happiness and willingness to help a company grow.
People management skills were found to be of paramount importance in the recently published report titled "From Capability to Profitability: Realizing the Value of People Management."
The research done by Boston Consulting Group and World Federation of People Management Associations revealed that revenue growth and profit margins were 3.5 and 2.1 times higher, respectively, among companies that were rated well in this category versus those that weren't.
"What we're seeing in companies that are higher performers is that they take their people investment much more seriously," said Roselinde Torres, a senior partner and managing director at Boston Consulting Group, in the report. "Companies that are more complacent are going to find themselves without the best top-tier talent. They'll be good, but they won't be great."
How can companies improve their people management practices?
By providing training and professional development opportunities, employees are less likely to feel like they are nearing the much-feared glass ceiling. When an individual sees the potential for advancement within an organization, they may be more inclined to remain with their employer, reducing staff turnover and keeping operations running smoothly.
With the right learning management system, company leaders can track the progress of their employees in a wide range of areas. This allows them to identify an individual's strengths and ways they can be better utilized, as well as areas for improvement and how to address those specific needs.
A concerted effort to improve people management skills can take organizations that are doing moderately well and propel them toward greater success. All it takes is the right attitude and the right tools.
No related posts.