People are critical for any business to effectively transform it’s strategy into action. Ensuring that you have the right people to drive your business strategy is what will differentiate you from your competitors and ensure that existing customers are retained and that new customers are easily acquired.
People buy from other people, not companies.
How do you ensure that you have an effective people strategy in place? In order to acquire, retain, develop, reward and engage your people successfully, you must have a clear People Strategy in place that is closely aligned to your Overall Business Strategy.
Not only must this People Strategy be legally defensible and robust, it must also differentiate you from other companies and ensure that you remain an employer of choice as the demand and war for Talent escalates.
Your People Strategy will help you to effectively navigate calm and choppy waters and ensure that the hunt for profits does not distract you from the importance of attracting, retaining and growing your people.
The 5 components of a People Strategy are as follows:
1. Talent Acquisition
Use the correct Media Platforms to source the right talent
Shortlist the correct people using cost-effective, scientific methods
Interview the most suitable candidates and differentiate the best from the good based on your company’s culture and requirements
Recruit not just based on the job-match but on potential and cultural fit to the business as well
On-board the person and set them up for success in their new role
2. Talent Retention
Use effective scientific methods to measure Engagement and ensure that your people remain “raving fans” of the business
Maintain healthy relationships throughout the business, at all levels, across departments and externally as well
Allow communication, feedback and learning to drive continuous improvement and keep the company fresh, vibrant and relevant
Get feedback from your customers to encourage change, learning and growth and to identify new opportunities to thrive
3. People Development
Ensure that your people remain up-to-date with the market, legislation, new technology and developments
Maximize your BEE and Skills Development funding
Introduce Learnership and Internships to boost Tax refunds and improve people retention through growth and development
Use technology to encourage new ways of learning
4. Reward and Growth
Ensure that the way you reward and recognize outstanding performance does not cause competition, in-fighting and disagreement
Catch people doing the “right” thing and reward them with prizes that they appreciate and enjoy
Provide opportunities for your top people to grow and develop in the business and realize their potential internally
5. Performance Management
Establish a high performance culture and excellence mentality that ensures that you attract and retain “A” players.
Be brave enough to help “B” players to up their game and ensure that “C” players are moved out graciously, legally and professionally
Hold people accountable, ensure clarity of purpose and help your people to understand how their tasks contribute to the greater good of the business
Set tangible, realistic goals that are understandable, achievable and ambitious
Celebrate victory and recognize excellence.
In order to create a People Strategy we, at Growing Pains, can help facilitate a simple process as follows:
- An initial 2 hour discussion will help to assess where the company currently finds itself and establish where it would like to be in the short, medium and long term.
- The next step is an Audit that will assess all the elements of the People Value Chain and determine what is working, what can be improved, what should be removed and what should be introduced.
- The creation of a people strategy roll out and implementation plan.
- A monthly 2-hour session to keep the alignment across all levels will ensure that change is managed effectively as the People Strategy is implemented
- Ongoing reporting and feedback will track improvements and measure ROI
The People Strategy helps to build the team spirit of Human Resources as it provides the platform for the communication in HR and it provides the basic playground for the discussions about the future of Human Resources. The story of the HR Strategy has to be attractive as it builds a common understanding to the keywords in the strategy and the HR employees do interpret them the same way.
The People Strategy takes many rounds of discussions to evolve, but the result can be amazing and when the HR Management Team does not allow the people Strategy story to disappear, the investment returns quickly.
For more information contact us and we will gladly assist you.