In the fragmented and rapidly changing environment in which we currently operate, organizations rely on people to create actionable insights and spur innovation using the data and tools of the industry. Accurate, efficient development of insights has never been more critical to success.
In practice, companies need to ensure their people have mastery of the fundamentals of market research; without a solid foundation, there can be no success. Developed by the research industry for the industry, MRII provides industry-leading online education that enables the foundational excellence to make that happen.
And now there is compelling new evidence that the payoff to investing in your people is big.
In McKinsey’s 2023 “Performance through people: Transforming human capital into competitive advantage” report, they were able to measure and show the impact of investing in employees. In an analysis of 1,800 companies across all sectors in 15 countries, companies were split into four categories: People + Performance Winners, Performance-Driven Companies, People-Focused Companies, and Typical Performers. Less than 10% of companies outperform on both financials and people development.
The study found that both People + Performance Winners and Performance-Driven companies average high economic profit and returns on invested capital. But the former puts a greater emphasis on talent, showing a higher share of internal role moves and offering more training for employees. Additional key insights from the report:
- People + Performance Winners are roughly 1.5 times more likely to remain high performers over time and have about half the earnings volatility. When the pandemic hit, they maintained profitability and grew revenues twice as fast as Performance-Driven Companies.
- P+P Winners were 4.3 times more likely than the average company to maintain top-tier financial performance for 9 out of 10 years.
- P+P Winners are talent magnets, with attrition rates almost 5% points lower than Performance-Driven companies. Their employees report higher job satisfaction, and are 1.3 times more likely to move into higher lifetime earnings brackets than those of Performance-Driven companies.
Great organizations shape the lives of the people who work for them and lead the market by example. As we navigate the ever-changing world of work, one component remains stable – investing in people is core and crucial. To learn more about MRII and our online market research courses with University of Georgia, click here.
