Does your organization have a people strategy? People are critical for any business to effectively execute on it’s business strategy. Ensuring that you have the right people to drive your business strategy is what will differentiate you from your competitors and make sure you retain existing customers. Why is this? Because people buy from other people, not companies.
There are 4 aspects that make up your people strategy:
1. Talent Acquisition
Do you have the right people in the right seats? If you have the wrong people, your organization will most certainly be affected. Productivity will slow down, negativity will spread, and work quality will suffer, all leading to a toxic work environment.
While there are a number of ways to acquire talent, behavioral analytics are the most objective and validated. Companies like The Predictive Index, allow you to create patterns for the perfect behavioral matches of a job. From there, you can assess candidates to see how well they match that behavioral pattern.
However, it’s important that you hire for culture-fit as well. Just because someone is great for your role, doesn’t mean they’re great for your company.
2. Talent Retention
Once you’ve got the right people, do you know how to keep them? There are a number of strategies for talent retention. Salary and Benefits is an obvious answer. Financial stability and health care are big motivating factors.
Work/life balance is also an important strategy as well. When an employee’s work and life balance is out of whack, there’s pain. If your employee feels like they spend most of their life working instead of living, the job (and your company) becomes the bad guy. Encourage work/life balance. Whether that’s allowing flexible working hours, generous PTO, or the ability to occasionally work remotely, your employees will thank you, and in turn, stay with you.
3. People Development
Are you investing the right resources into developing your people. By providing growth paths for your people you are showing them that you are investing in their career, making them likelier to stay with your company. Additionally, developing your people ensures that they are up-to-date with the market, legislation, technology, and developments within your industry.
Leadership training, executive coaching, and mentorship programs are all great ways to develop your people.
4. Culture Management
No matter the industry, most of us spend the majority of our waking weekday hours at work. Many of us spend more time with out colleagues than with our own families, so it’s important that you have established the right culture, and are hiring people that fit that culture.
The benefits of a positive work environment are well-documented: Creativity, productivity and happiness go up, while stress levels sink. This has benefits for the entire organization that trickles through all of the above aspects of people strategy.
If you get these four categories correct you can align your business strategy with your people strategy for advantageous business results.