The most important resource in an economy, and thereby in a business is a human resource – not raw materials or financial resources. If you have made the right investments in your human capital via human capital search, then you are on the right track, and success and profitability will automatically follow.
But the question is – how to invest wisely in human capital development?
#1 Understand what is human capital
Before that – what is human capital? Simply put, it is quantifying the value that an employee brings in through his/her skills and competencies. When you put together the skills of all your employees, you see the intrinsic value of your organization. That’s your human capital – the economic quantification of the skills possessed by all your employees. Now investing in your human capital – developing skills, bringing in more employee engagement and welfare is in essence investing in your own company itself. What’s the RoI – higher productivity and greater profitability?
#2 Make your employees contemporary
If your industry is tech-driven and technology is rapidly upgrading itself, then you need to invest in your employees to upskill themselves. Make sure you choose certifications or programs that are relevant to your company as well for the broader industry. This will make them stay aligned with the changing industry dynamics and also help your organization steer in the right direction.
#3 Make their lives simpler
This does not mean reducing the workload – this means creating harmony. Ensure that your employees enjoy optimal work-life balance. Invest in developing the career of your employees, help them aspire and work on their goals, and also help them with benefits like insurance and medical facilities. These will make them feel valued and in turn, they will enhance their performance at work. When you invest in your employees, then invest back in your company.
#4 Invest in the latest tools and equipment
Investing in your human capital does not mean that you only invest in them. It also implies that you invest in the assets and tools that are being used by your employees. It can range from a new couch to the latest software to ensuring that you have a pleasant cafeteria and sufficient arrangements for recreation and entertainment. Invest in your office infrastructure so that your employees love to come to work and perform to their best. If you have obsolete machinery, legacy systems, and no recreational measures, then the performance of your employees will automatically drop, and they will lose motivation.
#5 engage a human capital development firm to refine your human capital search
Finally, partner with the experts who can do it all for you. Professional human capital services will help you identify the gaps and formulate a strategy where you can invest and reap benefits in the best manner. These experts are highly experienced professionals with in-depth knowledge of your industry. Human capital development should be a priority for all organizations and to achieve the best results.
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 search services like leadership coaching, professional hiring, management consulting, reach out to us at www.taplowgroup.com