Poor quality people management is costing UK businesses up to £84bn a year
Poor quality people management is costing UK businesses around £84bn a year, a new report by Investors in People (IIP) has been able to reveal.
The paper, People Management Benchmark: Impact on Investing in People, found that ‘adopting sustainable good quality practices’ would have the biggest positive impact for an organisation’s bottom line. On the other hand, evaluating the effect of said practices on any business is a whole different matter.
One practice examined by the IIP, ‘structuring work’, had a positive impact in medium and large firms but actually had a negative impact on small firms. The results would suggest that smaller firms benefit from a more fluid way of working rather than the formalised ‘structuring’ where tasks or team work is aligned with business goals.
The professional and financial services sector has the most to gain from boosting the quality of its people management as the research estimated that implementing best practice would generate an efficiency gain of £29.9bn.
Proportionally, the health and social care industry had the most potential to improve its performance, with a boost of 8.9 per cent to its efficiency. Such development would also help to reduce workforce disengagement, an issue that was highlighted earlier this year in a separate survey.
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