We Accelerate Sustainable and Profitable Growth

We Accelerate Sustainable and Profitable Growth

Human Capital Strategy

Just paying salaries and wages already requires a substantial budget, but if your people aren’t growing, your business won’t grow. The more versatile and skilled your employees are, the less vulnerable your business is to the loss of the occasional staff member. In addition, employees are motivated by opportunities for personal growth, and motivated employees do better work, are more reliable, more likely to stick with your company, and have the capacity to improve profits as a result.

Training for the sake of training is a dead-end street, but surprisingly many companies make this mistake. Magenta Ocean can help you avoid this pitfall by partnering with you in developing a human capital strategy to help guide your organization. A strategy that will provide visibility to, where you should be investing in training and employee development that will benefit both your employees and business.

To help you formulate a human capital strategy, Magenta Ocean implements a 4-step process:
  • We identify the goals your human capital strategy is to be aligned with. Because the human capital strategy springs from the overall business strategy, the first step in formulating it is to take an overall look at the vision, mission, and values of your company.
  • We examine the processes that directly or indirectly contribute to achieving business goals e.g. what are the core processes, how do the processes align with your business objectives, and are the processes as efficient as possible.
  • We explore key performance areas and indicators used to measure performance. How exactly are individuals and the team performing. – what skills are needed and where do skill sets need to improve.
  • We assess the profile indicating what type of person is best aligned for each role – and help you with the hiring, onboarding, and promotion processes to ensure individuals with the right mix of know-how and experience are in the essential roles.

People Strategy

If you want to hit your business goals, you need to be able to attract, retain, and grow top talent within your organization. To do that a people-first approach is required – a people strategy. The right people strategy can help you accomplish a variety of business outcomes. These can range from filling skills gaps in your workforce, leading innovation in your industry, and achieving profitable growth. Establishing and maintaining a competitive advantage is essential – and having the right people strategy is more important than ever.

At the most basic level, people strategy is your company’s plan for attracting, retaining, and growing talent. To succeed, it’s about how you can best support your employees’ needs and professional growth throughout the employee lifecycle.

Our approach to people strategy can include plans to roll out a recognition program to make sure your employees feel valued every day. It might include strategies for improving key people analytics metrics, like employee engagement. Or it can include a plan for upskilling your existing workforce to fill skill gaps and help your employees grow on their career paths. All of which, in turn, can help your organization improve employee retention.

We focus on three people strategy pillars that help to create an effective and cohesive people management strategy, including:

  • Leadership and culture: We help to build and enhance a people-centric company culture within your organization – one where leadership espouses and demonstrates people-first values. Accountability is an essential characteristic for companies seeking long term success. Its counterpart is recognition. Not only by implementing recognition programs but by leaders genuinely acknowledging employee victories of all sizes every day.
  • Talent and skills: We help to ensure that employees in your organization have the talent and skills necessary to succeed. And for new hire candidates, we establish recruiting processes, onboarding plans, and ongoing development training in order to both attract and retain top talent
  • Human Resources: We assist your HR team equipped to support, and grow your people strategy, including in the following key areas:

Performance Management

Every company wants to succeed. And at its heart, that means tapping into your employees’ fullest potential. Empowering employee success and high-performance is critical – and relies on more than positive communication, and annual performance reviews. Traditionally, companies relied on performance judgement with limited data to support it. However, that method has proven to be unreliable performance review mechanism. Performance management emerged as a way to remedy the broken performance rating process. 

In today’s workforce, performance management has become a non-negotiable for organizations from Fortune 500 to SMBs. At its foundation, performance management is built on strong communication, feedback, and a culture of trust. Magenta Ocean’s approach is a 4-phase model driven through the understanding that performance management moves through a cycle, including:

  • Planning: We focus on expectation-setting for employees beginning with employees clearly understanding roles, responsibilities, and expectations. The process includes comprehensive job descriptions, coordination with larger company objectives, and learning and development with attention to specific upskilling.

 

  • Assessing:At Magenta Ocean, we factor career conversations into regular one-on-one meetings, monthly. It’s an important touchpoint between an employee and their manager. Deliverables are reviewed in regular one-on-one meetings allowing the manager to track progress.

 

  • Coaching: Our third phase of performance management is critical to success. We help identify any barriers the employee may face in reaching their objectives. Additionally, coaching is critical to upskilling so we partner with managers to ensure that the needed information and instruction is provided to employees. Connected to coaching is employee feedback and we provide the framework to best solicit candid responses regarding the coaching and development the employee is receiving.

 

  • Rewarding: We center this last and final phase of performance management around recognition. Employee recognition can come in all shapes and sizes – and should not be reserved for annual performance reviews. In fact, recognition can be used as an employee retention lever. When employees are recognized and rewarded for their work, they’re more likely to stay committed to the organization. 

Throughout their tenure, managers should make sure reward and recognition are built into their habits. This can be as simple as frequent communication recognizing

an employee for their hard work. Or it could be something more in-depth, like a merit increase or promotion.

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