No matter how technology advances, human capital is still the most important part of any business.
Once better known as labor, the skills and power of human labor still serve as the fuel that runs the empire.
In this article from our friends at Omololu Consulting, it discusses how valuable it is for human capital to continually improve their skills. Unlike other assets, human capital remains to be with the highest value for any government or organization. It is imperative that human resources come up with strategies for maintaining the strength of its human capital.
Debo Omololu sums it up perfectly in this quote from the article.
Although most of the focus in wealth planning is on financial assets, human capital is the one thing you can bring to the table that can have the most impact on your future.
You have a surprising degree of control over your human capital, unlike the financial markets. You can switch jobs, obtain graduate degrees or simply work more as an independent contractor or partner in a professional firm. In contrast, you have no control over what stocks, bonds, commodities, real estate and other assets return every year. So consider human capital a measurable return on investment — in yourself.
So how can human resources continue to improve and strengthen its organization’s human capital?
Here are some suggestions:
Consider every talents’ potential and not focus only on the top performers.
It’s easy to think only of the top performers when offering training and workshops. But in reality, it’s the middle performers that carry the huge chunk of work that makes your empire work.
Move the middle!
Give them exposure to new materials, workshops, and training and see how your productivity grows. Sometimes all they need is a little push for them to shine their brightest.
For managers, learn the best way to manage and motivate your employees.
Sadly, most employees quit not because they don’t like the company their working for but because they have bad relationships with their direct managers.
Managing people is tricky, especially since you’re dealing with different personalities and skills. But as a manager, it is part of your responsibilities to get to know and understand your team. You have to learn what motivates each person and relate to them at the level they understand.
You have to learn what motivates each person and relate to them at the level they understand. You also need to know what kind of tasks will fit and challenge their skillsets.
Keep a clear and transparent communication line between you and your team
A huge percentage of the problems that arise in managing teams come from miscommunication.
That’s why you need to make sure that you and your team are on the same page. Learn how to clarify instructions and set clear and measurable goals when giving out tasks.
You will only learn about your team’s needs if you ask.
Check out more tips from Debo Omololu on how you could improve human capital. Here’s the link to the full article.
Courtesy of Omololu Consulting. Learn more about Growth Consulting Services.