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Changes, Challenges & Opportunities In Human Capital Services In The 'New Normal'

Author: Social Media/Monday, June 22, 2020/Categories: Blogs

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Human Capital is the intangible asset that shapes and determines the other assets in an organization. It is defined as the economic value derived from the workforce's skills, experience, and expertise. Human Capital also encompasses human virtues like punctuality, integrity, and honesty. Human Capital Development is fundamental to the growth and success of any organization. It increases employee satisfaction, productivity, performance, and thereby the ROI of the firm. Many business leaders say that investing in human capital is probably the best investment an organization can make.

With the global pandemic impacting the entire world, human capital search services are also experiencing a plethora of change. It is becoming more and more challenging to find the best talent for any job position. Depending upon the industry, a successful recruitment can take anywhere from 2-6 months.

It would help if you had innovative solutions and thorough research to build a highly motivated team. Human capital consultants precisely render this service – they will help you in building your human capital. These professional consultants understand the current market, your business processes, and thus, strategize in scouting, recruiting, developing, and retaining the best talents. It gives you more time and energy to focus on your mainstream business while leveraging human capital services to build the most effective pool of human resources.

The 'new normal' brings in a lot of changes and challenges in human capital services. The growing importance of technology, digital know-how, and remote connectivity is shaping trends in the human capital industry. The work environment is continuously getting digitalized. As per a PWC report, more than 55% of the jobs in the coming years would be automated. Artificial Intelligence and Machine Learning will find high value in every sector and industry. Do you have a workforce to stand this change and upskill themselves in this digital world?

Talking about the biggest challenge in this virtual world is cultural mapping. Previously, when all employees use to work under the same roof, there was more alignment towards a universal organization culture. But with remote working, it becomes complicated to align the organization culture with the culture of every nation or community. Human Capital consultants need to understand how these cultural differences can fit the firm's overall business culture.

Finally, owning to remote working and contractual services, the gig economy is on the rise. In this knowledge-based economy, freelancing is preferred over full-time jobs; flexible work hours are preferred over fixed timings. This gives an excellent opportunity for staff augmentation. You can access the best talents across the world, bring in fresh, innovative ideas to the table, reduce recruitment costs, and dynamically augment your team as per your need.

At this juncture, you need to ask, 'how can I ensure that my organization's workforce strategy is aligned with the future?' Take help from human capital search services. In the 'new normal,' they will help you overcome the challenges and help you leverage human capital opportunities to the fullest.

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

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