Investors in People (IiP) recognizes that organisations use different means to achieve success through their people. It does not prescribe any one method but provides a framework to help you find the most suitable means for achieving success through its people. The intended result is to motivate employees to achieve their potential and to do what their organization needs them to do. The IiP standard tries to encourage a culture of continuous growth. In the new economy, I advocate that the Investment in People standard can become a definite factor in assisting companies to succeed.
Reason being the purpose of IiP is not only on training and on development but also to business strategy so that training is directed to more of the business needs and objective. For example, Chris West, Chief Executive, of an international company called Ecctis which specializes in group-based data services for further and higher education went on to say, that not only has IiP helped their standard of training. It has helped them win a major new contract, and being part of their quality statement, has given them a competitive advantage over other bidders for the contract.
Mr. West also stated that with an investment in staff development paid dividends the trainees that benefited through the IiP process, that is, by studying Level two NVQs in Business Administration to Level three in Customer Service as part of their apprenticeship program, has increased staff confidence, which led to a twenty-six (26) percent improvement in profit. By adhering to the standards of IiP Ecctis also held regular meetings, which stimulated ideas and created an outlook to increase work mobility.
Coherent teamwork also led to better achievement and rewards. Now keeping in mind, that before a company can gain IiP accreditation it must understand the strategic implications for the business. It must also undertake a review in the standards to identify any gaps in current training, and then make a commitment to meet those standards that would then result in a commitment by employees also. Organisations must also take the upper hand on planning on how individuals and teams are to be developed to achieve these goals.
Lastly, they must evaluate the outcomes of training and development for individuals and the organization as a basis for continuous improvement. Where organisations have had problems in making the changes required for IiP, it has often been because line managers have not been fully involved in the process. Devices such as the use of a steering group or working party, training workshops for managers and IiP checklist for team leaders can all help to get the managers on board. Nevertheless, it does seem as if IiP can help to change the culture of an organization and is an effective development too.
I would recommend other organizations to consider the IiP standard in order to improve the organization itself and the development of their employees for the new economy. In addition, online training has become quite popular over the years. For example e-learning is the use of the internet or and organisational intranet to conduct training on-line. The primary advantage of e learning is the cost savings and its access to more employees. The pressure of acquiring suitable trainers is reduced and employees can learn at their own pace.
In addition e learning may attract external sources oppose to tradition training tools that focused on employee only. The retention of staff is another main role and responsibility of the HR manager, because, after the company has spent so much money to train and develop staff, they want to ensure that staff remains working for the company. Some strategies that the HR manager can use to ensure this is achieved, would be to encourage profit sharing to employees, ensure a good pension plan and good compensation packages are offered to them.
A clean and safe working environment is also necessary. Once these are in place, then there should be no reason for the employee to leave. In human resources, the field of compensation looks at the pay structures within organisations. Compensation packages must be fair and within the legal framework. Reliable technological advances with respect to compensation planning direct today’s new economy. Many Web based implementation software allows employers to proficiently process employee’s performance appraisal, base pay recommendation, promotions and bonus or incentive pay.
Take for example, a commonly used website called Salary. com offers a software named CompPlanner. CompPlanner enables effective “pay for performance” strategies with comprehensive performance programs that track competencies, skills and objectives with flexible weight, rating scales, appraisal forms and links to financial rewards. This award winning compensation management application delivered as an online, on demand service to organisations of all sizes; direct a multitude of advantages over planning compensation packages.
The features accompanied by this reliable software are flexible and functional. It allows managers to verify employees pay alongside their performance. Secondly, it allows managers to work under proper compensation procedure in order to regulate salary expenses. Thirdly, it encourages instantaneous two-way discussions between managers and human resources. CompPlanner also ensures that equitable monetary rewards to employees such as bonus, performance merits and long-term incentive programs are delivered.
Having the CompPlanner software is an advantage in itself, but there is software that compliments the CompPlanner perfectly, the CompAnalyst. The CompAnalyst offers a complete set of functionality to help company’s market-price jobs, compare their jobs to the market, and run valuable reports and analytics about their pay practices. Having access to such programs will create an identity for employers on the competitive market, and will definitely make them stand out in the new economy.
Since, this program is a demand on service type software it takes away the cause of having to go beyond the budget line. Therefore, it minimizes budget expenses by reducing total cost of ownership. All mangers have to do is log on, download and there it is, ready to work with. Salary. com CompPlanner is a workable, reliable and economical source for compensation planning and I recommend it for any organisation willing to compete in the new economy.