Co-op boosts profits after gaining IIP

The Co-op has improved staff retention and boosted profits by almost a
quarter, following the successful introduction of the Investors in People (IIP)
Standard.

The group, which employs about 50,000 staff across several industries, has
benefited from improved training through gaining IIP accreditation early last
year. Since then, it has seen a 24 per cent increase in pre-tax profits.

The Co-op has also improved staff morale and seen a reduction in staff
turnover by 3.1 per cent, saving it more than £430,000.

Adrian Egglestone, general manager for HR development at the Co-op, is in no
doubt that achieving IIP accreditation has played a central role in improving
the business.

He said IIP had been used as a vehicle to help unite the business and raise
the performance of the HR team.

"This wasn’t just preaching from the HR team – it was a partnership
right throughout the organisation. All parts of the business have sat down,
looked at training and started working together," he added.

Egglestone said training was at the heart of the improvements and the
initiative began with a course communicating the business values to all staff.

"There were training events for everybody, from executives to checkout
operators, which highlighted our unique values. We’re owned by the consumer and
not the City," he explained.

As part of the campaign towards IIP accreditation, the Co-op introduced a
new performance management system, improved communications and began an
induction scheme ensuring all new staff were trained within the first month of
joining.

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