The DTI has announced the
creation of a taskforce which will provide best practice guidance for
organisations on how they can relate people management to profits in their
annual reports.
The new body brings together
leading experts from business, academia and trade unions to advise on how
organisations can focus on people as a key to business success.
Trade and Industry Secretary
Patricia Hewitt announcing the new initiative today, said: “In today’s fiercely competitive and
knowledge-driven economy, business success depends on attracting the best
qualified people, equipping them with the best skills, then keeping them.
“Accounting for People will
share the best ideas for companies to make the most of their people’s talents,
which in turn will boost profits”
Denise Kingsmill, the newly
appointed chair of the group, said: “Unlocking human assets is one of the keys
to higher competitiveness.
“There is increasing research
evidence that good people management gives companies an edge when it comes to
profitability. We want to get away from
simply paying lip service to the idea of ‘people being our finest asset’ or
simply accounting for people as a cost.
“At the heart of this project
is the desire to provide solid performance benchmarks for stakeholders – particularly
investors. Our task is to show how this information can be presented
meaningfully, in annual reports.”
The group has been set up in
response to one of the recommendations in the Kingsmill Review on Women’s
Equality and Pay, which found that very few companies report meaningfully on
human capital to their stakeholders, despite the strong link with company
profitability.
The taskforce will include a
core team of senior business, trade union, academic and accounting industry
figures:
●
Denise Kingsmill (chair), deputy chairman, the Competition Commission
● Helen Alexander, chief executive, the Economist Group
● Patti Bellinger, group vice-president Diversity and Inclusion, BP
● David Bishop, senior adviser, KPMG
● Sandra Dawson, professor of Management Studies, director of the Judge
Institute of Management and Master of Sidney Sussex College
● Fred Goodwin, chief executive, The Royal Bank of Scotland Group
● Ed Smith, partner – UK board, PricewaterhouseCoopers
● John Sunderland, chief executive, Cadbury Schweppes
● Ed Sweeney, general secretary, UNIFI
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