Investing in human capital and talent development can mean lots of things, and there are endless ways to do it, from onboarding, top HR leadership and recruiters, workforce development initiatives, talent development and growth…. regardless of how it comes, human capital often receives the short end of the stick when it comes to corporate priorities. So imagine: how would increasing your investment in human capital trickle down in the organization and jump start your talent acquisition and development goals?
Skill sets wouldn’t run empty: offering incentives for people to train in schools is an ideal way for organizations to keep the pipeline of workers flowing, especially in industries with lacks of skilled workers, such as utilities and healthcare.
Current employees would stay motivated and stay longer: Gaining fresh skills via workforce development programs is important to keeping people happy and interested in their roles. Plus, engagement efforts pay off with higher employee retention rates and less conflict and dysfunction (which is costly and drives people away).
Top talent would come to you: Wouldn’t it be nice to be able to have top talent at your disposal for hiring, rather than having to move mountains to get the best candidates? This also saves in the employee recruitment areas.
Business would increase: It’s no secret that engaged, happy employees provide a superior customer service experience to unhappy employees. Not only that, but many prospective customers and clients seek to do business with the Best Places to Work, whether it’s a national or local list. You can always use the good publicity from making one of these lists!
Depending on your organizational needs, different strategies and tactics that suit your other companies may not suit your needs, but what is clear that there is a link between improving your organization’s human capital and benefiting the organization as a whole. Unless your organization embraces talent development, it will not progress as quickly as others will, and it may not make enough progress to survive long-term. Putting more resources into talent development and human capital may be the best thing your organization can do to create a competitive advantage.
Source: Bersin by Deloitte.