How Impact of People Management Practices on Business Performance- globally

 

How Impact of People Management Practices on Business Performance- globally

 

 

Introduction

People management practices play a critical role in the success of businesses globally. The way a company manages its employees directly affects its overall performance, including productivity, innovation, customer satisfaction, and profitability. According to the Guest, D.E. (1997) State there is mounting evidence that certain human resource management (HRM) practices, often known as high performance or high commitment HRM practices, are related to certain organizational performance indicators.

 Effective people management practices involve recruiting and hiring the right talent, providing adequate training and development opportunities, establishing clear performance metrics and goals, fostering a positive and inclusive workplace culture, and offering competitive compensation and benefits packages. As state Barber, A. E. (1998) Examine how culture, and more specifically context orientation, affects job seekers' views of recruitment practices and messaging, as well as their intentions to apply for jobs.

 People management practices refer to the strategies and techniques that organizations use to effectively manage their employees. These practices encompass various aspects of the employee lifecycle, from recruiting and onboarding to performance management and career development.

 Effective people management practices are essential for building a motivated, engaged, and productive workforce. Some of the key practices include:

Clear communication: Regular and transparent communication helps employees understand their roles, expectations, and how their work contributes to the overall goals of the organization.

 Performance management: Providing feedback, coaching, and recognition to employees helps to improve their performance, and align their goals with those of the organization.

Training and development: Offering training and development opportunities helps to upskill and reskill employees, and allows them to grow their careers within the organization.

Work-life balance: Supporting work-life balance through flexible work arrangements, time off, and other benefits helps to promote employee well-being, and reduce stress and burnout.

Diversity, equity, and inclusion: Building a diverse and inclusive workplace helps to foster innovation and creativity, and supports the recruitment and retention of top talent. According to Adams, C. A., Coutts, A., & Harte, G. (1995).State examines how performance reviews, sociocultural concerns, affirmative action (AA), and organizational strengths relate to managing diversity and equality at work.

By implementing effective people management practices, organizations can create a positive work environment that attracts and retains top talent, and drives business success.

 

When these practices are implemented successfully, businesses can enjoy a range of benefits. For example, employees who feel supported and valued by their employers are more likely to be motivated and engaged in their work, leading to higher productivity and innovation.

Furthermore, a positive workplace culture that prioritizes diversity, equity, and inclusion can help attract and retain top talent, which is essential for long-term success. Additionally, offering competitive compensation and benefits packages can help businesses maintain a happy and loyal workforce, reducing turnover and recruitment costs.

 

Conclusion

Effective people management practices can lead to higher levels of employee engagement, satisfaction, and commitment. This, in turn, can lead to increased productivity, better customer service, and higher levels of innovation. Furthermore, companies that prioritize people management practices tend to have lower levels of turnover, absenteeism, and labor-related costs.

Some of the key people management practices that have been found to be effective in improving business performance include clear communication, employee training and development, performance management, and creating a positive work culture.

Overall, companies that invest in effective people management practices tend to have a competitive advantage over those that do not. By prioritizing the well-being and development of their employees, these companies are better positioned to attract and retain top talent, innovate, and achieve long-term success.

 

Referancess

Adams, C.A., Coutts, A.,& Harte, G. (1995). Corporate equal opportunities (non-) disclosure. The British Accounting Review, 27, 87–108.

 

Barber, A. E. 1998. Recruiting employees: Individual and organizational perspectives, Thousand Oaks, CA: Sage. 

 

Guest, D.E. (1997) ‘Human resource management and performance: a review and research agenda’. The International Journal of Human Resource Management, 8(3): 263–276

 

Source image o1

Joe weller ( 2021). Welcome to the HR Revolution: Strategic Human Resources Management [online] available at https://www.smartsheet.com/strategic-human-resource-management  Accessed on 10th April 2023.

 

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