Rewarding workers and developing a strong employee base could help companies increase performance.
Newly released information from an Oxford Economics study demonstrates the future importance of treating workers well and cultivating good qualities in them today. As Success Factors, the sponsor of the study, reported on its site, the research suggests a link between high-performing companies and important tasks like recruitment and mentoring, as well as a lack of relevant industry-specific data . Businesses struggling with these issues could need a new HR software solution to help them refocus their priorities.
To evaluate workforce statistics, the researchers behind the study polled more than 2,7000 executives and employees each in 27 countries. The source says 60 percent of high-performing companies value employee merit instead of tenure and choose to reward it, while 64 percent said that they draw from workforce issues to create board strategy.
Laying the foundation for the future by recognizing demographic changes in age is also an important factor: Millennials in particular were found to be "dissatisfied" with current career options and in need of mentoring for improvement.
Edward Cone of Oxford Economics described the purpose behind the research and the way it could impact how businesses conduct themselves.
"The results demonstrate a clear division between those who are positioning their companies for the future of work and those who are not," he said. "We hope that these findings highlight that talent issues matter – and companies who are falling behind now cannot afford to do so anymore."
With better, more company-specific HR tools at their disposal, companies will have the ability to manage incentives and employee information to better effect. HR consulting solutions allow for a company to get expert advice on how to select the best system vendor and proceed with a smooth implementation.