Investing in human capital as a catalyst for positive change
Investing in human capital for positive change
In February 2017, KPMG in Malta announced the acquisition of P5+ Management Ltd. (P5+) as part of its growth strategy to strengthen its People and Change advisory service line. The acquisition was primarily driven by the quest to assist clients with their human capital needs in a climate characterised by significant talent management challenges.
It is common knowledge that organisations, regardless of their size, industry, or service, must invest significantly in their People. The success of an organisation relies on visionary leaders, exceptional talent at all levels, and the implementation of strategies to keep talent relevant, motivated, and focused.
The 2014 and 2016 World Economic Forum (WEF) Global Competitiveness Reports identified Malta’s weakness in extent of: staff training, adequate HR policies & procedures, productivity of our work force,and the general lack of quality of our management and leadership functions - the interpreters of shareholders’ vision, leaders of those people that will drive the organisation forward, and think tank for the organisation’s future products, services, processes and identification of customers.
In Malta, nearly all businesses are micro or SMEs companies that go through several growth and maturity stages at mission critical stages of their life-time. A large body of research states that as a company moves through the stages of growth, in particular from micro to medium, its people challenges change significantly,with implications on the nature and demands of a Talent Management Strategy. Moreover, the demands of the HR role change throughout business growth and maturity. What works for a team of 10 people won’t necessarily work for a team of 50 people, and won’t work for a team of 100. The HR person needs to be able to manage the spectrum of people management and development issues, but also needs to be able to apply highly specialised knowledge in key areas which can be tuned up or tuned down as the business requires. Moreover, business acumen, understanding of market trends, the ability to think long-term, and the ability to ensure that people initiatives positively impact productivity and profit, and are thus strategic, are also essential attributes of today’s HR specialist.
The Maltese economy is strong, but there is a significant shortage of talent, and today’s and next generation employees seek for a sense of purpose and empowerment in their work. The challenges in today’s talent market are about educating more and more businesses to think more and more not only how they manage their teams and retain the best talent, but also on how to get the most out of their people. Hence, developed HR functions are becoming ever so critical.
This is where the KPMG People and Change Advisory team comes in. We believe in the potential of people and act as catalysts for positive change through developing genuine and long-term relationships with people and organisations. We strive to understand the root cause of a situation in order to provide customised and strategic Talent Management solutions focused upon maximising organisational performance through talent, importantly through the creation of a tailor-made talent management strategy and aligning this with the company’s business strategy. Our modus operandi is to; Define a situation: understand the realities and context, Measure: take stock, seek data and assess, Action: develop an action plan based on our strategic assessment, and Make it stick: implement and support business strategy through talent.
We are also licensed to provide Recruitment services in the context of a company-wide talent management strategy; and as a Further & Higher Education Institute to provide accredited learning & development programmes, with in-house designed programmes focused upon addressing, in particular, skills critical for the workplace.
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