Nurture Your Key Assets – Your People
How should companies approach and formulate a talent strategy focused on better returns.
Organisations have worked over the years towards efficiently managing and monitoring returns on capital and assets. This has been an important role for the CEO and top management in years of boom and downturns.
However, there remains a great deal of ambiguity over the idea of managing talent as an asset. While organisations commit huge investments in talent and incur heavy costs on it, rarely do CEOs have visibility on the returns on talent employed (ROTE).
Investments in talent
An organisation makes multiple investments in acquiring and utilising its talent effectively. Three key areas of investments are:
Time and effort: The man-hours spent by Leaders, HR managers and others in an organisation in recruiting and managing talent adds up to quite a lot. And this has a cost attached to it.
Operating costs: The largest human resource costs in a company are in the areas of recruitment, training, staff welfare, travel for HR-related processes and so on.
Overall employee costs: This is an aggregation of cost to the company (compensation and benefits) of all employees. These costs are a part of the profit and loss statement of companies and normally tend to increase over time.
These spends directly hit the bottom line of the company.
In times of downturns, organisations look at cutting down these spends to reduce costs. Although obvious and intuitive, this approach to improve ROI has limited benefits and could prove counterproductive in the long run.
Considering that any recessionary or slow growth phase is likely to be followed by a phase of rapid growth and expansion, a reduction in talent investment has to strike a balance between short-term pressures and long-term imperatives.
An alternative approach exists. Reach us to know more:)
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