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Investing In People
Financial Impact of Human Resource Initiatives
- Read in 15 minutes
- Contains 9 key ideas
Synopsis
Investing in People (2011) shines a light on human resources, a crucial department in a successful company that too often is undervalued and underappreciated. A savvy personnel strategy can fine tune a company’s performance and boost employee well-being. The book provides an easy-to-follow, four-step process to improving your human resources strategies.
Key idea 1 of 9
Great HR and your company shines. Poor HR and your company suffers. Ignore HR at your peril!
The importance of human resources as a key driver of a company’s success is acknowledged but rarely appreciated.
Any manager knows it’s important to have and maintain good employees. But could you, if pressed, articulate what’s good and what’s not about your own personnel management strategies?
Many managers can’t, and continue to fumble with HR, for better or often, worse. The fact is that human resources is a crucial element in determining whether your company will grow and thrive.
Why then, do we so often value HR not on its effectiveness but solely on whether it’s efficient?
You might easily see the connection between effective marketing and revenues, but teasing out the link between HR and financial success is trickier. Because of this, business leaders are largely indifferent to human resources issues, and only assess strategies with regard to cost efficiency.
But the advantages of good HR are plain to see. Companies depend on both the quality and commitment of employees. The Hay Group’s “World's Most Admired Companies” list even shows that companies that treat their people as valuable assets are as a rule more successful.
It's paramount to make the connection between decisions regarding human resources and a company’s financial performance visible and understandable.
But what’s the best method for doing so?
One powerful option is to use the LAMP framework, an acronym that stands for logic, analytics, measure and process.
LAMP is about understanding the logic behind a problem, finding the correct ways to measure it, analyzing the data and creating a process to respond to the issues you’ve discovered.
Want to learn how to shine your own LAMP on your HR processes? Read on for more.
Key ideas in this title
- Great HR and your company shines. Poor HR and your company suffers. Ignore HR at your peril!
- Establish a logical framework to get behind the numbers to figure out the real HR problem.
- Only a sound analysis of data will lead you to relevant insights and help you sniff out solutions.
- Choosing appropriate measurement techniques helps put your HR problems in context.
- To put your insights into practice, it's important to get non-HR managers on board.
- Eliminate unnecessary expenses through absenteeism by investing in your employees’ health.
- Employee happiness and financial success are linked. Make it your priority to boost morale.
- Work-life programs benefit both employees and companies. Today, more employees expect them.
- Final summary
