02/09/2023
Most small to mid-size business leaders began working on 2023 Goals, Objectives, and KPIs during the fall, right? It is probably fair to say most of their attention was in the planning of financial projections, business development and operations. Of course, all these business initiatives are performed by the people in the organization. No business can achieve sustainable success without a well-planned people strategy. It is critically important that people initiatives receive the highest level of attention in order to prepare a business for a successful year. Going beyond the cost of payroll and benefits, business leaders should look at the people operations from both fundamental processes and advanced development. Most initiatives in people operations have a broader impact that may not be recognized until problems are discovered.
For example, the fundamental people review must include the basic minimum wage adjustment. Of course, almost everyone knows that. But did they ask what impact minimum wage will have on other entry level employees that have more experience and were only slightly above the adjusted minimum wage? Have leaders completed the necessary steps to comply with the Fair Pay Transparency Law, SB 1162 and considered how vulnerable they are with potential pay inequities that are not well-supported by written job duties to support variances in pay? What about compression issues throughout the organization and, yes, increased costs to support the chain reaction?
The point here is that the business of people is more impactful than most of us would imagine on the surface. We are always happy to have a conversation with you.
Contact us to learn more or for a quote for our services, [email protected].
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