Human Capital is the knowledge, experience, competencies, skills, and virtues possessed by the workforce. It is the economic value of the entire workforce of an organization. Thus, Human Capital Development is a continuous process to improve the performance and productivity of your employees. If the question is, ‘how do you make your workforce more efficient and effective?’, then human capital development is the answer.
Human Capital Development involves everything starting from training and on-the-job learning to team talent development and physical well-being. Undoubtedly, it is the most valuable investment that you can make. Investing in human capital would increase productivity, employee retention, long-term associations, better client relationships, and bring more creativity and innovation at work.
But how do you ensure that you are on the right track? Here are four easy steps to ensure that you don’t miss out on anything
• First, estimate the ROI of your human capital. This can be calculated by dividing the organization’s profit by the investments made on the human capital.
• Discover the strength and weaknesses of your current workforce. It involves analysis at the organization, operation, and individual levels.
• Identify areas where you need to invest in human capital. This can be recruitment, training, personality development, career coaching, and likewise.
• Develop metrics and monitor the investments made for the development of your human capital.
In this world of globalization and digital disruption, change is the only constant. Like every other thing, even the face of human capital development is undergoing a significant transformation. To keep yourself updated, you need to familiarize yourself with the changing face of social capital development.
Increased Competition
With the decreasing unemployment rate, there is a real shortage of talented people in the job market. The workforce looks at the brand name, identity, benefits, work-life balance, and other factors before taking up a job.
Technology
Technology is changing the way we live, eat, breathe and work. Artificial Intelligence and Machine Learning are automating a major chunk of traditional jobs. This is giving rise to new roles and responsibilities. If your workforce is not technologically updated, then you would lose out in the race. Organizations must invest in the digital up skilling of their employees.
Leaders of tomorrow
Organizations are investing in their human capital to build their future leaders. The various training programs, leadership assessments, and continuous monitoring are to identify the future leadership of the company.
Team Talent Development
Gone are the days of silo heroes; today, you have to work in a team and contribute towards the organization’s goals. Human capital development should focus on developing team spirit, talents required to work productively in a team, and encourage employees to think beyond their personal goals.
As an organization, you must be aware of these trends that will impact human capital development in the near future. There exists and immediate need to become more innovative and expansive.
At The Taplow Group we have extensive experience in designing, delivering and benchmarking Human Capital projects in addition to Human Capital Search, to ensure our clients fully realize their employees’ full potential. Get in touch with us today at www.TaplowGroup.com