Maximizing human capital is the key to driving profitability and meeting your goals
How to maximize human capital is a top concern among CEOs globally. Creating a high-performing company and driving profitability are the goals, but how do CEOs get there? Here’s a list of strategies that CEOs can implement for a home run.
Improve Performance Management Processes and Accountability
The first thing to get rid of is dysfunctional compensation policies. Rewarding those who fail to meet performance standards will only reward the behavior that you don’t want and cause disgruntled feelings among those who perform well. In addition, make annual objective setting serious business. The standards by which performance will be measured need to be clear and well-conceived. Managers must also be taught how to manage conflict instead of avoiding it. When managers are trained to face conflict upfront and to provide a constructive resolution, it enhances accountability.
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Provide Employee Training and Development
Creating a learning organization is a key strategy CEOs can use to develop a high-performing company. While the old adage is the put the customer first, CEOs should create an employee-first culture. By providing employee training and development, employees become more engaged and satisfied. This means caring for the employees professional and personal development. As a CEO, you need to be involved in all training initiatives and believe in its impact and content. Tie it to your own development and walk the talk.
Improve Leadership Development Programs
Developing leaders from within the organization is important for any company. Effective leadership development is a CEO’s most forgotten tool, and you should implement it to advance your strategic agenda. Leadership development should be a part of a CEOs business strategy. By developing current and future leaders, companies can promote and develop a culture that directly supports a purposeful, sustainable and socially-conscious one which is committed to people, so its leaders can execute the overall business strategy and achieve desired results.