the importance of human capital in business

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The Importance of Human Capital in Business

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Nobel Prize-winning economist Gary S. Becker, who coined the term “human capital,” says that “the basic resource in any company is the people”.

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The most successful companies and the most successful countries will be those that manage human capital in the most effective and efficient manner.

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Corporations are recognizing the importance of investing in their employees now more than ever before.

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Companies are beginning to understand that to stay on top in the global economy, they need to place more and more emphasis on developing and retaining their people.

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Organizations that appreciate the financial impact of their employees often refer to them as human capital.

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Moreover we can say that the collective attitudes, skills and abilities of people contribute to organizational performance and productivity.

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Any expenditure in training, development, health and support is an investment, not just an expense.

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Whether you are a small business or in a family owned business the competition is so fierce and change is so fast, that any competitive edge gained by the introduction of new processes or technology can be short-lived if competitors adopt the same technology.

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But to implement change, their people must have the same or better skills and abilities.

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In small business the reprioritization of the value of human capital has changed the profile of what a successful candidate looks like, even in the most technical roles as the value of ability of human talent is recognized.

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In order to achieve professional growth and success in the next period of increased talent acquisition, technology professionals will have to step out of their comfort zone and develop the holistic, relationship-focused business skills that companies require.

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Similarly companies are going to have to take a more strategic and supportive approach to recruiting and retention if they want to find and keep the new breed of evolving talent.

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