Topic 6 - The Investors in People award

1. Topic 6 - The Investors in People award Textbook pages 84–89

2. Learning outcomes By the end of the topic learners will know: • How the award is managed in the UK • Eligibility • How organisations achieve the award • Potential benefits of the award.

3. The Investors in People Award • Investors in People is the National Standard, setting out a level of good practise for training and development of people to achieve the goals of the organisation they work for.

4. Investors in People • Developed in 1990 • Partnership between the National Training Task Force, Leading National Businesses, Confederation of Business Industry (CBI), Trades Union Congress (TUC) and Institute of Personnel and Development (IPD) and the Employment Department

5. The Standard • … provides “a national framework for improving business performance and competitiveness, through a planned approach to setting and communicating business objectives and developing people to meet these objectives”

6. Key Principles • The Four Key Principles of the IIP Standard: • Commitment – invest in people to achieve business goals, i.e. give them more training • Planning – show how the training will be done • Action – show how any action will move the organisation towards its goals • Evaluation – checking that what was planned has been achieved

7. Indicators and Evidence

8. Who is Eligible? • Any organisation with more than 5 people on the Staff can apply

9. How to Achieve the Award • Whoever is leading the project must: • Understand the Standard and its strategic implications for the organisation • Undertake a review against the Standard, to identify any gaps in current practise • Make the commitment to meet the Standard and communicate that commitment to all the staff • Plan and take action, to bring about change • Bring together to evidence for assessment against the Standard • Application form fro their local Quality Centre • Provide specific organisational data • Assessor Visits

10. The practical benefits of working towards and achieving the Standard • Improved Earnings, Productivity and ProfitabilitySkilled and motivated people work harder and better, improving productivity. • Customer SatisfactionInvestors in People is central to helping employees become customer focused, enabling organisations to effectively meet customer needs. • Improved MotivationMotivation is improved through employees’ greater involvement, personal development and recognition of their achievements. This leads to higher morale, improved retention rates, reduced absenteeism, readier acceptance of change, and identification with the organisation’s goals beyond the confines of the job. • Reduced Costs and WastageSkilled and motivated people constantly examine their work to contribute towards reducing costs and wastage. • Enhanced QualityInvesting in people significantly improves the results of quality programmes. Investors in People adds considerable value to The Excellence Model, ISO 9000, BS 5750 and other total quality initiatives. • Competitive Advantage Through Improved PerformanceInvestor in People organisations develop a competitive edge. • Public RecognitionInvestor in People status brings public recognition for real achievements measured against a rigorous National Standard. Being an Investor in People helps to attract the best quality job applicants. It may also provide a reason for customers to choose specific goods and services.