Many companies claim that they want to be more people-centric. But how many are? Research suggests that it’s fewer than you might think. According to a report by Fairsail, less than half of US organizations could provide basic HR data within a day – even the simple stuff, like flight risks, skill gaps and high-potential employees.
Of course, there are smart, forward-thinking companies out there that are ahead of the game in terms of talent management. They’re changing the concept of HR. They don’t think of their staff as human capital. They’re thinking of them as people, both in terms of teams and individuals. And in doing this, they’re becoming People Companies.
But what exactly is a People Company?
Firstly, People Companies understand that their staff aren’t just nameless cogs in a machine. They’re human beings. They’re hugely important to a company’s success. And in a People Company, how they are managed will reflect that.
Secondly, People Companies do everything they can to empower their employees. This means everything going on around their people – leadership, structure, culture, processes, training, technology – is set up so companies can harness their talent, not hold it back.
And thirdly? People Companies use the power of numbers. Not the kind of numbers that reduce staff to ones and zeroes on a spreadsheet. We’re talking about in-depth data analytics that let companies truly know their staff. This is also known as people science. By doing this, they can arm themselves with the information they need to give their people great workforce experiences.
Not only this, but the insights they can get from people science help them make better decisions around HR. It can transform the approach to talent management as well. For example, some of the smarter companies are using Chief People Officers to retain talent and make sure staff are happy.
There are many benefits to becoming a People Company. If you can provide a great working environment, you will naturally end up attracting even more of the skills and talent you need. And if you’ve got the tools to nurture and engage that talent, business growth will follow.
Embracing people data also gives you better visibility over your workforce. It gives you the single source of truth you need to manage your people as people. You can see where staff are struggling and offer extra training. You’ll know when they’re taking more sick days than normal, so you can provide extra flexibility around any health problems they might be dealing with. And you’ll be able to instantly recognize where people are performing above and beyond.
Most importantly of all, you’ll benefit from a happier, more productive workforce.
Want to find out more about People Companies? Then join our webinar “Seven steps to become a best in class employer”, on 13th June 1pm EST. In this interactive session, Paul Burrin, senior executive for Fairsail will be discussing the seven best practices for becoming a People Company with Meghan M. Biro, the CEO of Talent Culture.
This post has been sponsored by Fairsail, now part of Sage.