People are businesses’ most valuable commodity, as central to the success of the organisation is the right blend of talent, motivation, and leadership. But over the last decade, less has been invested in people. Is now the time for change, and are we trying to create the change?
Investing in the wellbeing of your employees is just as important, as a healthy workforce makes for not just an ethical priority for businesses but can also make a significant contribution through increased productivity. In simple terms, building good relationships with employees by investing in their talents, you can save costs on losing their skills, recruiting, and training new employees. So why is investing in people in the UK in such a lull?
Developing and managing organisational operations and processes which are people-centric, meaning they are designed and adjusted around people not with people as the afterthought. Rob Campbell, a speaker, author, and veteran, argues that if you approach business through the investment of people, finance, marketing, product development and profitability will all work out as a result. According to a study by Remote, employee turnover rates are to hit 35.6% in the UK, with the turnover rate increasing 7.7% in the last four years, so the question is how can we invest in people to tackle these rising rates?
An Australian chief-executive offers advice saying you should hire people who have a much greater interest in solving your business problem and helping other people than they do in themselves. “We” people rather than “I” people – people who do what they say under any circumstance and believe that a team can do more than they can as an individual. Is there a need for businesses to focus on the social cohesion and solidarity of the team that makes up the business? Research suggests that social cohesion is strongly correlated with team performance as well as being closely linked to trust. Often part of the company culture is to encourage ‘getting down to business’, which can discourage social activities or focus. However, evidence suggests that social cohesion is not just nice to have, it is in fact business critical – so why is the social cohesion of the team not always a primary focus of management?
When a company treats its employees well, the employees become more productive and loyal to their workplace than those who are not. At the end of the day, employees are the reason your company is up and running and not buried in the ground, so if people are not put central to the organisation, how can we expect business to thrive?
It has been noted that in 2023, retaining employees will be key as we are experiencing a tough labour market and low-level applicant numbers. Employee retention leads to greater employee knowledge, skills, and experience all whilst providing stability within the organisation. Do we need business strategies that put employees at the heart of business to create the change needed?
Written by Izzy McHattie, EP Business in Hospitality