Top 5 – Planning and Managing your People Resourcing
In todays competitive market organisations need to gain leverage over their competitors. They have a number of resources at their disposal some of these are physical resources such as plant equipment, technology or their geographical location others can be organisational for example, planning systems or supply-chain operations whilst others are human resources for example the skills, experience and capabilities of the staff they employ.
To gain a competitive advantage organisations must realise, acquire, promote and manage their human capital strategically to maximally affect it’s strategic goals. Watson Wyatt & Company is a human capital consulting firm who said in a Capital Index survey, “Superior human capital management is a leading –rather than lagging- indicator of improved financial success. If a company’s goal is to improve shareholder value, a key priority must be its approach to human capital.”
Below is the top 5 ways for an organisation to go about achieving this.
The question that needs to be asked is; ‘What capabilities do we need to reach our corporate goals?’ The organisation needs a comprehensive plan to carry out the activity of identifying and attracting talent to the organisation. In doing so the organisation needs to look at the external forces at play this include, Political, Economic, Social, Technological, Environmental, Legal and industry . An example titled ‘External Influences’ is available under the topic ‘Strategic HR’ and a blank template is provided for you too in this topic.
2. Organisational Development
Once an organisation has established its strategic goals it needs to understand what capabilities and skills it’s staff possess. What tasks and functions can they perform and where are the gaps. From here the organisation needs to develop it’s human capital to improve the staffs knowledge and skills to better handle changing job requirements, client demands and other challenges. The model in this topic Organisational Development looks many of the key components in addition to capability development.
3. Reward & Recognition
The question that needs to be asked here is ‘How do you want to reward the talent you want to keep?’ Bearing in mind that an above market pay rate to that of its competitors can ensure a company attracts and retains its prized employees but this might also impact on labour costs and push the product or service out of a competitive market. Also newer organisations generally offer higher incentive packages and a lower base salary then that of more mature companies who tend to offer a lower rate of total pay to incentives and a higher rate to benefits. A model in this topic ‘Strategic HR’ titled Rewards and Motivation can steer you in the right direction.
The process of acquiring, developing and rewarding it’s staff is an ongoing process which requires good maintenance to continue to yield positive results outing in place a robust performance and coaching process can help achieve this. The organisation needs to ensure the employees behaviours, activities and outcomes are in sync with the organisations objectives. The performance management process specifically requires its participants to specifying those activities and related outcomes which will deliver the business its success. For more information about Performance Management go to the Performance Management topic under ‘Managing others’.
All employees will ultimately leave the organisation at one time or another. When an employee does decide to self-select out of the business a detailed exiting process that feeds back to the business ( in particular those responsible for human capital acquisition) all that is right and wrong with the organisation needs to be put in place.
For a more detailed analysis look at the “Functions of HR” model in this topic. If you need help on developing a HR strategy that deals with human capital then look at the templates and models in this topic, ask one of our experts or book into a one on one executive coaching session.
- Model – Employee Responsibilities
- Model - Reward and Motivation
- Model – Organisational Development
- Model – Acquisition / Induction
- Model - Functions of HR
- Model - Causes of Low Morale
- Model - Human Resources Fulfilment Process
- Model - Employer of Choice Characteristics
- Template – Maintenance Interview
- Template – Strategic HR Manager Checklist
- Template – Checklist for Underperformance
- Template – External Influences to Strategic HR
- Example – External Influences to Strategic HR
- Example - Position Description Human Resources Director
- Do's and Don'ts
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