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People management 'delivers better business performance'
Improving people management can help companies to deliver a better business performance, according to a new study from Boston Consulting Group (BCG).
The survey by BCG involving more than 4,200 HR and non-HR managers in more than 100 countries has revealed that firms which are highly skilled in HR practices generate 3.5 times the revenue growth and as much as 2.1 times the profit margins of less capable companies.
This correlation was shown as particularly striking among firms with high standards of recruiting, onboarding of new hires and employee retention, talent management, employer branding, performance management and rewards, and leadership development.
Report co-author Rainer Strack, a senior partner at BCG, said: "We've always believed that companies that have good people-management practices perform better. But we now have uncontestable evidence of this correlation."
Despite this, a recent report from online resource XpertHR showed that many companies are failing to include HR experts when creating their people management strategies.
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