24 Oct Manage Your Human Capital as Carefully as Your Financial Capital
Would you give millions of dollars to someone with no financial management experience?
Of course not. No one would. No one with any sense.
But organizations everywhere entrust millions in human capital to employees with no people management background.
Does that make any sense?
People are your greatest asset. Shouldn’t they be managed as well as your finances?
Poorly managed assets don’t perform well
It’s as true of people as it is of money – poor management equals poor performance.
People management is one of the biggest challenges facing organizations today. From tiny start-ups to Fortune 50 companies, across industries, inadequate management is epidemic in our workplace. It affects performance, retention, engagement, and morale – for both employees and managers.
“People don’t leave jobs; they leave managers.” – Forbes
A Gallup study found that fully half – that’s right, 50% – of employees leave their jobs because of their manager.
The same study showed that managers are the most significant factor in determining employee engagement level – responsible for 70% of the variance between engaged employees and the disengaged.
Not all bad bosses are bad people
Much of the rhetoric around poor management places the blame squarely on the manager. But contrary to one popular image of power-hungry ego maniacs who sit in their offices plotting to undermine and demotivate their staff:
Most bosses would like to be good people managers. They just don’t know how. Primarily because they lack effective training and essential resources.
Managers report that handling difficult people issues is the most stressful, upsetting part of their job. And that lack of support in this area is a major impediment to success – their own, their staff’s, their departments … and ultimately, your organization’s.
Managing others does not come naturally to most of us.
Experts across the board agree: Few people have a natural talent for it.
“Managing human beings is one of the toughest jobs you’ll ever face.” – Inc. Magazine
“Management is an inherently complex and difficult job.” – Forbes
“Good management skills are not an inherent trait in most people. It’s something … we must systematically train bosses to do well.” – Huffington Post
“We must systematically train bosses to do well”
Like any other difficult role that demands a specific skill set, managing well requires not only training but also practice.
Many organizations offer some training around managing people. However, learning experts estimate less than 10% of “classroom” learning actually transfers to the day-to-day work environment. Classroom training that incorporates role play is somewhat more effective, but training supported by ongoing support such as mentoring and/or coaching has been shown to be 4-5 times as effective as training alone – generating skill transference as high as 40-50%.
Get help when you need to
Teaching managers to reach out in difficult people situations is a crucial start:
Get help when you need to – This is an easy step, but often neglected. – Forbes
But the obstacles can be formidable. Many managers fear that asking for help brings their competence into question. Even when a manager is willing to bite the bullet, they often don’t know who to ask. And if they do? There’s no guarantee that individual has time to help.
The right resources are the key to management shortcomings
So what can we do to foster better management skills? That’s where CCA’s Manager Resource Center comes in.
CCA’s Manager Resource Center provides the support managers need to address their workforce challenges through a comprehensive suite of management support services, from customized group training to one-on-one “in the moment” guidance on specific situations.
This personalized assistance helps your managers develop the skills and confidence to effectively manage performance and optimize workforce potential.
Help when managers need it
Every manager has access to CCA’s Employee Relations Advisory Team, a multi-disciplinary team of advisors available 24/7 to provide hands-on assistance with difficult interpersonal problems, such as delivering feedback effectively, defusing conflict, and correcting performance.
Guidance and support are available for a full range of people issues. By coaching your line managers through specific situations, our team can help them develop a positive management style that will increase engagement, enhance performance, and improve retention and morale.
Help when HR needs it
The Center offers other critical resources that HR can deploy to advance managerial and organizational effectiveness:
- Developmental Coaching
- Learning Programs
- Online Development
- Mediation and Conflict Resolution Services
- Workplace Disruption Support
Managing others is not an easy job
Giving your managers on-demand resources and effective support sends a message that your organization values the work they do and appreciates the challenges of managing others.
CCA’s Manager Resource Center gives your managers the tools they need to be their best.