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Bags of Money!!

Tue, 08/06/2013 - 11:17

 

What makes People Profits unique is that we have a money making focus - experts in Human Capital with a CEO-CFO mindset. Most HR departments focus more on compliance and employee relations. Both being very worthy issues; however, the C-Suites are much more concerned about Bags of MoneyTM then compliance. 

When I have walked into a new HR Department as the Chief HR Officer I would see Bags of Money lying around on the floor. The HR people could not see them – due to a lack of financial aptitude. Over a period of time I would justify my salary many times over just by picking up the Bags of Money.

In each of the seven elements of Human Capital, there are many opportunities for Bags of Money – depending on the organization. It might be that an organization is spending a ton of money using third party recruiters and still not getting the people they want. When what they should be doing is understanding who they are as an employer and market themselves as THE place to work!

Or they are spending too much money on employee benefits and not getting the retention or motivation they need. The cost of misdesigning your employee benefit plans is truly unbelievable – both in not achieving your Human Capital goals and over spending on the wrong products. 

There may be revenue and profit opportunities that are not being taken advantage of or not maximized due to a lack of the right people with the right skills. Many times a CEO is looking for someone who can grab a new product or service and run with it. I refer to this problem as the William Wallace phenomenon - the real guy from Braveheart. How many times does a CEO wish he had a person who would be like William Wallace? Grab the sword, charge the hill, succeed - while overcoming countless obstacles. That is how new areas are created, growth happens and companies go to the next level.  

The Bags of Money are found by asking lots of questions, having someone with a financially focused mind and an ability to look outside the box. (A compliance/relationally oriented mind is naturally inclined to look outside the box.) The Bags of Money in some cases will be in plain sight from the first day. The others will take time to find, determine the best course of action and acquire over a period of time.

Each organization will be different regarding the amount, timing, medium and continuity of the Bags of Money.

Clark Ingram, MBA, SPHR, CEBS, CPCU is the principal of People Profits which is a financially oriented Human Capital Strategy and Planning firm based in the OKC metro area. www.PeopleProfits.com ©2012 People Profits, LLC