DEFINING AND RE-DEFINING HUMAN CAPITAL:
The tradition has always existed – To put the horse before the cart, and not otherwise. Before we plunge into the juicy dynamics of Human Capital Development, it is only customary that we unlearn, learn and relearn these independent but connected keywords.
Right on track – The layman attempt at merging the literal definitions of ‘human’ and ‘capital’ may suffice. When we discuss ‘capital’, the foregrounding ingredients for kick-starting (and sustaining) a venture come to mind. Less often than not, is not needing the ‘human’ as a resource for one of these ingredients. In other words, we often traditionally think of ‘capital’ in terms of monetary –not human– engagements which are vital for launching a new business. In our literal and quotidian illustration, the ‘human’ is always at the wheels of navigating what may, or may not constitute ‘capital’.
Drifting away from the clutches of ‘literal definitions’, Human Capital has been regarded as the aggregation of skills, knowledge, habits, attitudes, experience and such like; possessed by individuals to produce economic value. Put yet differently, Human Capital is the stock of skills that the labour force possesses. Judging by our definitions, the latter is unavoidably restricted to workforce and corporate organization systems. The former however, is quite broader in scope; extending beyond the realms of workforce, to national growth and development.
A couple factors are however constant – First is that they contradict our initial, literal impression of ‘human’ and ‘capital’: We have assumed that ‘capital’ is primarily concerned with monetary engagements, thereby marginalising the ‘people or human’ effect in a business venture. Second is that; both definitions emphasise the acquisition of skills and knowledge.
FIXING THE ‘DEVELOPMENT’ IN HUMAN CAPITAL
‘Development’ is an integral aspect of global change; it is deliberate and consistent. The relationship between ‘Development’ and ‘Human Capital’ is one that cannot be marginalised: The former ensures that the skills and knowledge acquired from the latter, are constantly reviewed upon and put to judicious use – Economic value. A nexus that combines these processes is widely referred to as ‘Human Capital Development’ (or HCD which may be employed subsequently).
In the context of what we do at DAWIB Associates, Human Capital Development may be described as the process of improving an organisation’s employee performance, capabilities and resources. One of its many benefits is that; it enhances employee retention and satisfaction. In addition, it ensures work performance and allows management functions to be carried out efficiently and effectively.
HUMAN CAPITAL DEVELOPMENT AND WORKFORCE PRODUCTIVITY
We have earlier posited that ‘Human Capital Development’ can be viewed from two broad perspectives: Workforce and National Growth. In the former realisation, the function of Human Capital Development is focused on employer-employee relations. HCD in the corporate workforce diverts the mundane investment of capital from ‘money’ to ‘humans’; although still retaining the original investment in money. How is this feasible? Human Capital Development has been proven other the years, as a potent mechanism for productivity in work performance. The maths is pretty easy: Productivity yields Profitability. As Benjamin Franklin rightly observes, “An investment in knowledge pays the best interest”.
Human Capital Development in the workforce insists on the professional development of employees - This is majorly achieved through workshops, trainings, seminars and such like; overseeing this, is a function of the Human Resources Department in any organisation. By and large, investing in Human Capital Development has carved a niche for organisations intending to leverage on market competition over its competitors. Training and Professional Coaching, which we offer at DAWIB Associates, is one reliable medium to facilitate this.
HUMAN CAPITAL DEVELOPMENT AND ECONOMIC GROWTH
One of the best and most effective ways to boost a nation’s growth through HCD, is by investment in education. Although education is generally perceived to yield long-term results, its eventual ambience is usually unbridled. Here is how it works:
A government taps into the essence of Human Capital Development by providing higher free-education or its equivalent to its masses. The masses eventually attain this form of education and ceteris paribus; acquire competitive jobs with robust salaries. With this, they have to spend more by default functions of their hierarchy in the society. When they spend more however, the nation’s economic growth feels the underlying ‘breath of fresh air’.
Moreover, we have earlier noted that ‘Productivity yields Profitability’: When a nation invests in HCD; providing its masses with 21st century skills needed to drive innovation and change, the masses become relatively, financially buoyant. When the average citizens in a nation are financially buoyant, there is a tendency for a drastic decrease in poverty rate.
DAWIB Associates: Our Human Capital Development Advocacy
We are passionate about Human Capital Development in the workforce. We have seen the future, and it thrives on productivity and efficiency. With an increasing demand of a skilled workforce, combined with a growing trend of people moving from company to company, we have taken ‘productivity and efficiency’ as our sole responsibility.
At DAWIB Associates, we offer training services on Human Capital Development to individuals and organisations; building the mutual trust between employers and their employees. Our courses include the following:
· Microsoft Office Suites
· Auditing and Governance, Risk and Compliance
· Quality Control
· Contracts, Project and Procurement Management
· Interpersonal Skills and Self Development
· Sales and Marketing
· Human Resources
· Warehouse Management
· Secretarial and Administration
· Health and Safety
· Planning and Strategy Management
Let us help you chart the way up effective, internal organizational management. Kindly reach out to us today on 07061813128 or firstname.lastname@example.org