Talent that makes up your company is one of your most valuable assets; learn more about human capital and what tools can help you in your talent development
International organisms such as the World Bank highlight the great relevance that investing in human capital has for all countries, by assuring that it’s key for their economic growth.
Inside companies, this perspective is just as important. McKinsey explains that a company’s top talent is up to 8 times more productive. Nonetheless, it is also true that it is scarce and needs greater development.
Therefore, it becomes vital for organizations to implement a good human capital management strategy to unleash all the potential of their teams. Let’s start by understanding the reach and importance of this concept, as well as the tools that can help you achieve it.
What is human capital
Human capital is the entire set of knowledge, skills and health that people accumulate throughout their life. In that sense, and according to economic theory, it’s a a measure of value.
For a company, Human Capital refers to an intangible asset represented by the human talent that adds to value to the organization and becomes a critical element for their success.
Why is it important to consider and develop your human talent?
A company’s assets are reflected in their balance sheet, except for their human capital. This is an element managed by the Human Resource department, just as its name reveals.
This area is not only in charge of acquiring new talent, but also managing and optimizing it. Why is this important for the rest of the organization?
According to a recent survey by PwC, developing their team’s skills is vital for global CEOs.
In fact, 60% of leaders that have advanced in their upskilling efforts through programs of human capital development assure that it has been very effective for creating a stronger corporate culture and improving employee engagement. As well, for them it has also been useful to:
- Greater business growth (37%)
- Higher workforce productivity (43%)
- Greater innovation and accelerated digital transformation (51%)
Tools to drive your human capital
Once its advantages have been specified… How can your company begin to apply strategies to manage and boost their human capital.
Human Capital management has a wide range of options for Human Resources like HCM software.
But, when thinking in programs and strategies for skills development we mentioned, other kinds of tools will be needed.
Working on your development of human capital requires solutions focused on covering a broader variety of needs that can go from training to team scalability through events and other internal services.
In Apprendo, we have created a digital, agile and simple solution that simplifies and gathers all of it in a single place.
Improve your human capital management with an ideal platform to create, launch and manage your events and development initiatives.
Apprendo offers a solution to integrate all your services and resources. Request a demo and start your journey to create a company more committed with its talent.
Author: Alexandra Ortiz