As an expert in high-level human resource professionals, talent managers, and human resource teams, Jason Hanold knows that investing in human capital has become a crucial matter for every human resource department (HRD) in the world. Businesses everywhere have come to realize that human capital plays a primary role in economic development, productivity growth and innovation. For this reason, companies have become more interested each day in investing in this important asset.
Human capital refers to the knowledge, talents, habits, skills, experience, training, abilities, judgments, wisdom, intelligence and social and personality attributes, including creativity, owned by any human being in a population that helps produce economic value to a company. This means Human Capital is a form of wealth that can be oriented to accomplish the goals of any company in any type of industry.
This particular type of capital is in charge of adding economic value to individuals within a business context, allowing the social, cultural, psychological and biological complexity of humans interact in economic transactions. In other words, human factors are the ones responsible for the balanced growth of companies since they are the ones related to creativity and the production of innovative ideas and solutions to common problems inside any organization. Thanks to his, human resources departments are focused on cultivating human capital inside any organization.
What is the relationship between Human Capital and economic growth?
Human capital has a direct impact on the economic growth of companies, helping to improve their conditions through the knowledge, skills and talents of individuals. HRD should manage human capital as a tool of for competitiveness of organizations, understanding that not everyone has the same abilities or knowledge and that quality of work can evolve when investments in people’s education and training are done.
The relationship between human capital and economic growth can be measured by how much is invested into people’s education. For instance, successful companies are the ones that tend to do the greatest investments in special training for their employees. This type of model realizes that investing in Human Capital helps improve corporate climate and productivity, conducting to economic growth.
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There are some organizations in the United States compromised to investing in Human Capital as a major asset for business to successfully grow. Below you will find a few companies which human resources department are focused on investing and managing Human Capital:
MSH Group
With offices operating in both Miami and Ft. Lauderdale, MSH Group works as a talent management and consulting organization, dedicated to helping businesses grow through the investment in Human Capital. This company is dedicated to improving their client’s business strategy based on the capitalization on human resources, as the most effective way for a business to enhance its economic growth.
As a company owner, one of the best things you can do is invest in services like the ones offered by MSH Group. They will for sure match your business requirements to your current competencies by recognizing required skill sets, performance gaps, and organization most common mistakes and misalignments. Through the creation of a “road map” for business change, they will help your company define and find its ideal staff or improve its current human resources department.
MSH Group offers a vast portfolio designed to support your HRD with services that include the assistance in recruiting new members for your team, also they help your company build reward structures, succession, and career planning programs that may keep your employees motivated and help you improve your human capital.
It is also important to say that if you invest in the MSH Group services, you will have access to measurement results. Therefore your HRD will be able to understand if your employees are actually being efficient and effective. This tool helps you realize if the investments you are making in improving your Human Capital are actually worth it or if there are some extra areas where you should start investing.
Human Capital Integrated (HCI)
This management and human resources consulting firm specializes in integrating the selection, development, and management of Human Capital. In order to achieve its goals, HCI uses scientifically-based techniques and practices organizational psychology. If you want to invest in the improvement of your Human Capital, HCI may be one of your best options since the company focuses on people who make up your organization, no matter how big it is, the type of industry to which it is related and it location.
HCI believes that people’s talent must be properly acquired, trained, coached, and developed in order for an organization to grow and perform at its best. For this reason, they offer professional assistance in different areas such as psychology and leadership training for both private and corporate clients, helping them develop self-awareness and provide human interaction skills that may help create a culture of communication or improve the already existing one.