The big decisions include where your markets are heading, how you’re going to capitalise on emerging opportunities and how to win back the trust of customers and other stakeholders. These priorities can’t be met without re-engaging with staff at a time when morale has been eroded by significant downsizing, the decline in returns and the negative image of the industry. The components of the people strategy which we see as most relevant include attracting and retaining the right people, organising them in the most effective way, shaping the right culture and managing performance and reward. These components require continuous collaboration between business and HR leaders in their design, execution and monitoring. Our vision of how to regain control of the people agenda and bring people strategies into line with the wider reshaping of your business, starts with two fundamental questions:
Addressing these questions will make sure your business is more likely to have the right people, with the right skills and motivation to contend with the new market realities and take the business forward (or at least understand what the people ‘gaps’ are and put in place a strategy to plug the gaps).
Underpinning this will be a new employee value proposition (i.e. why people would want to work for your company), capable of attracting and retaining talent without simply relying on pay. Drawing on the findings from PwC’s latest Global Annual CEO Survey, our latest report, called 'Seizing back the People Agenda' examines why the current people model is proving increasingly unsustainable, what a suitably equipped and re-engaged workforce looks like, and a look ahead to the organisation of the future and key strategic questions for the Board.