The “New Normal” world that we stand in today is starkly different from what it was a year back. The relevance of human capital development has emerged to be of utmost importance in these changing times. Human capital can be defined as the expertise, skillsets, and attributes possessed by an individual, which in turn creates value for the organization. Human capital development empowers people to work in a way that creates a long-lasting value for the enterprise. Human capital development capitalizes on the knowledge derived from the workforce to maximize their potential and productivity at work. Many researches have been conducted, which highlight the fact that the financial performance of the organization is directly affected by human capital services.
Human capital helps organizations to adapt to constant changes. But the advent of new technologies like Artificial Intelligence and Machine learning is perceived as a challenge in the human capital services domain. However, as the world faces the global pandemic, now would be the right time to combine technology and human capital to create greater value. The companies are facing a new challenge of managing their workforce remotely, where the employees are hardly exposed to organizational culture and environment. To transcend this situation, human capital development has become more important. The main focus of human capital development should be
• Instill a sense of belonging to the organization so that the productivity of human capital increases.
• Help in improving the skillset of the workforce to make them relevant to the era of digitalization
• Maximize the potential of the human capital to think creatively and innovatively, aligning with the organization culture
• Monitor the wellbeing of the workers, taking care of their health, safety, career growth, and personal aspirations. Remote monitoring might be a challenge, but it is critical for organizational performance
• Redesign the work environment by considering the challenges faced in working remotely, allow flexible working hours to ensure employee satisfaction
A very crucial problem that the human capital services will face is to address the mentality and adaptability to the new normal across different demography. It is important to find out strategies or training programs that would cater to employee attributes individually as well as in small groups. Another concern is the waning of team spirit due to the physical distance which has been created. Human capital services need to find engaging workspace activities to rekindle the team spirit.
Lastly, human capital is an integral part of the foundation of every organization. So, conducting a proper human capital search for each job will help the organization become more resilient in this pandemic situation.
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