Did you know that the concept of Human Capital first came around in 18th century and was described as the skills of all employed society members? Interesting, isn’t it? Especially in today’s time when Human Capital
forms the most important pillar in an organization’s success story. Human Capital can be developed and nurtured via education and the right training techniques which help take the organization forward. Every employee has a unique skillset which contributes to the economic capital of a company. Human capital is intangible and cannot be quantified on a balance sheet but is equally important as it helps organizations grow and promote their concerned services or products.
Human Capital is improved by investing in the training, skills, loyalty, motivation, and wellbeing of employees at every level. When employees work towards refining and broadening their skillset, they increase their earning potential but that doesn’t necessarily translate into benefitting the organization. For that, companies need to invest in and manage their human capital in order to witness higher productivity levels and increase profitability.
Human capital management can prove to be tricky and that’s where our human capital consultancy services come into play. We consult with you and come up with measures to improve your human capital which then translates into organizational success. Here are some useful tips to improve human capital management
in your organization:
1. Shift the focus to retention from recruiting
New talent is a key factor in driving any company forward, but existing employees are equally important and relevant. A company should never solely focus on recruiting and onboarding because that leads to existing people feeling undervalued and ignored. Employee attrition is extremely significant and is driven from the happiness and engagement level of employees. There should be a smart and practical employee recognition, review and learning process in place that makes all your human capital feel valued and appreciated. Are you struggling with your retention rates? Our human capital consultancy services can help you devise a customized strategy.
2. One on One connect with each employee
Always keep in mind that every employee is equally relevant and can play an important role towards driving growth of the organization. When it comes to day-to-day management of employees, a personal approach goes a long way. Taking into account everyone’s individual personalities and preferences can help you cater to their needs in a more effective manner. There is no fixed handbook for human capital management
, so techniques and initiatives should be reevaluated frequently for them to be effective and beneficial in the longer run.
3. Proper technology goes a long way
The right technology plays a very important role in efficient human capital management processes. Automated processes help cover a larger base and reduce workload on HR professionals. Technology also helps drive the right culture. Experienced consultants at our human capital consultancy services
can help you choose the best tech solution to meet your needs.
4. Communication is key
Leaders should ensure that all the important decisions and changes are communicated properly to employees at all levels, or employees that are prone to be affected by the said changes at the very least, instead of trickling down inaccurately through the rumor mill. This helps build trust. This being said, effective communication goes way beyond periods of transition. It should be practiced constantly. Two-way communication should be encouraged and appreciated. Open communication helps employees feel more at home and ensures they voice out their concerns. Being heard can make a huge difference to one’s loyalty and helps them stay engaged and productive. Effective communication helps indicate that the company has everyone’s interests at heart.
Any business’s most critical asset is its people, and more and more organizations are realizing this and therefore are increasing their focus towards human capital management and investing in human capital consultancy services.
At The Taplow Group we not only help you source the best fit for your organization’s leadership through our executive search consultants but also train and develop them to hone their skills. To know more about our human capital services like leadership coaching, professional hiring, management consulting, reach out to us at www.taplowgroup.com