In this day and age, no business is as unique or exclusive as it once was. As a seller or an entrepreneur, one must be on top of their game at all times, keeping in mind that although the buyer does care about the brand, the quality, price and the intellect behind the brand matters a lot more. This is where the importance of creating a good People Strategy comes into the picture.
In order to create and present something useful to the customers, the company must ensure that their people strategy clearly outlines and implements the company’s relationship and approach to its employees. In layman terms, that is the point of the people strategy. However, many HR managers tend to forgo the option of relying on external providers, but in actuality, opting for external providers to execute a people strategy can be very beneficial to the company as a whole.
Here’s what a great people strategy consists of:
The Company’s Strategies
The strategies that a company holds, granted that they work by it as well, means a lot in the overall outcome of their people strategy. A lot of things come into consideration in this portion. Of course, it is the HR manager’s duty to ensure that these areas are covered:
- Reward Strategy: Does the company reward its employees for good performance or do they prefer a democratic approach instead? How do the co-workers react to each other’s rewards? External providers such as Power2Motivate Australia do a great job in helping entrepreneurs introduce reward programs into their system while also improving the relationship between employee and employer.
- Turnover Strategy: What is the company’s reaction in desperate times? Do they let the turnover happen itself or do they go out of their way to hold the employee’s from departing?
- Hiring Standards: Does the entrepreneur focus on the skills of a person even if they are hired at high pay scale, or does the company hire people who are just good enough to meet the criteria at a low pay scale?
- Employee Standards: Do the company and the entrepreneur ensure that their employee’s receive training where and when necessary? Are employees granted the assistance that they need? Often times, HR managers overlook these factors because of the burden of their other duties. Employmentinnovations.com is a great external provider to help companies and their employees have a better relationship through their programs.
- Behaviour Standards: What is the company’s approach to people who act in ways that are normally deemed as unethical, illegal or inappropriate? Would they hire offenders to offer them a chance to work on their behaviour or do they have zero-tolerance for such activities?
There are a lot of other points that come into consideration but cannot be listed because each and every company has a different people strategy. It is not necessary for two company’s people strategy to be the same. The outcome is dependent entirely on the company, it’s employees and beliefs.