Invest in your people and maximise business potential
People are at the heart of all businesses.
Maximising the potential of your people will go a long way to maximising the potential of your business.
For a growing business, it can be a tricky decision to invest in progressive people practices, and decide what the structure of these practices might look like.
So how can people practices make an improvement to the bottom line?
Is it worth the investment?
One way of looking at it is this:
Engaged employees -> engaged customers -> creating sustainable profitable growth.
Richard Branson said: “If you look after your staff, they will look after your customers. It’s that simple.”
The conversation needs to about what people interventions can be made which will have an impact on the bottom line.
What actions should be taken?
Well, here are a few pointers.
For all staff in the business:
For the leadership team of the business:
It is about taking a forward looking view of the business, and recognising that as the business grows and develops, the support needs for people will change.
This means aligning people strategy to business strategy, and to ensure that there is room to flex the strategy as the business changes and grows.
Taking growing SME businesses as an example, often they will have strong employee cohesion with a “family feel”. However, as businesses grow, the “family feel” inevitably dissipates.
Progressive interventions in people will recognise this cultural change and introduce new structures to make people feel that their contribution is worthwhile. This can make all the difference to company loyalty and commitment.
So how to implement these changes?
It is important to have the right person in place to take responsibility for making this happen.
People practices are usually the domain of HR (if a company is not large enough to have a HR function, it can be an external HR provider). The conversation needs to about what people interventions can be made which will have an impact on the bottom line.
The person who takes responsibly for these interventions and changes has to be:
If there is no-one internally to do this, it can be done by a part time appointment, or an interim appointment. It can also be a freelance HR Director who is “on call”, or spends a few days a month with the business.
People are the key asset in any business.
Good people management can make all the difference.
Bad people practices will certainly hold the business back.