HUMAN CAPITAL MANAGEMENT
Finding, retaining and trusting skilled employees and managers is one of the greatest challenges investors in Cyprus face today.
This is due to a number of factors:
Many of the best managers available have been prepared from the outset to enter a family enterprise. This has been exacerbated by the fact that many companies operating today in Cyprus are now in the third or fourth generation of management. It also enables relatively young graduates to enter a firm in a management position they may not be qualified for. Whatever the case, family-owned enterprises are a key magnet for talent.
Another key magnet is the public sector. For generations, securing a job in the public sector has been the ambition of hundreds of thousands of people. This is because of secure pay and benefits, but also because in many sectors, government organisations (such as the Cyprus Telecommunications Authority, the Electricity Authority of Cyprus and others) have budgets that enable state-of-the-art technical installations. This is very different from the private sector in Cyprus.
Rising costs of living in the main cities is a major factor in designing employment benefits. Cities such as Limassol and Nicosia have seen major increases in rental prices, for comparatively very low quality property. When private education, private healthcare and other benefits are factored in, the salary necessary to attract and retain a manager are definitely lower than London or Paris, but still quite high.
There is a high share of seasonal or immigrant population, particularly in areas such as tourism, agriculture, and the tech sector. Conversely, in the tech sector and many other sectors, there is simply not enough local talent to serve the needs of a workforce in Cyprus.
As a result, investors and employers are faced with a deficit on every level: skills, competencies, trust, motivation, results.
Please note that we have been working in Cyprus since 1993, and since 1996 have been implementing a management development programme for the Cyprus Chamber of Commerce & Industry (through our sister company, Navigator Consulting). This has resulted in over 400 enterprises and over 1,200 manager being trained, including in-company consulting and support.
As such, we have faced the challenges of human capital management in Cyprus is a very tangible manner, not a theoretical one.
We support investors in Cyprus manage their human capital. Our services include:
1. Developing a Human Resources Management Strategy
This includes developing a longer-term management and corporate strategy, and then aligning the HR strategy, objectives and investments to the corporate one. This requires clear thinking about aspects such as governance, trust, key decision planning and outcomes. The strategy should be expressed through a long-term skills and position planning forecast for the company.
2. Designing Human Resources Management Systems
Once the strategy has been finalized, we design an integrated HR management system, including policies for recruitment, contracting, induction training, compensation, incentives, assessment, and more.
These systems include detailed competency frameworks, job descriptions, governance procedures and more. They can also be paired with online talent management and assessment systems such as Zoho or Bamboo.
3. Recruitment, Talent and Induction
We support companies, identify management requirements, hold recruitment sessions, and successfully contract and induct key talent. This includes headhunting as well as open recruitment.
4. Compensation and Incentives Planning
We develop compensation and incentive schemes designed to enhance management performance as well as minimize staff churn and maximise loyalty.
5. Assessment Systems
We develop competency-based assessment systems which are adapted to staff position seniority. This sliding competency scale allows our clients to adjust performance expectations with the management level of the employee.
6. Training and Development
We provide custom training development for management, including areas such as strategy, business planning, forecasting, financial modelling, customer service, marketing strategy, digital skills, online security, social media management and more.
For additional information, please contact us.