The most valuable assets in both developing and developed countries are humans. Human Capital refers to a collection of traits – knowledge, talents, skills, abilities, experience, intelligence and training – possessed individually and collectively by a population and used to create economic value. It is a form of wealth which can be utilized to accomplish the goals of a Nation or an organization.
Human Capital Development deals with increasing the number of persons who have the skills, education and experience that are critical for economic growth and organizational development. In my Nation, major projects are often outsourced to foreign hands because the skill-set required to execute such projects is unavailable in the Nation. This is a fallout of the negligence of Human Capital Development. Apparently, Human Capital Development determines the development of any Nation.
Human Capital Development in an Organization is the process of improving employee performance, capabilities and resources. This is vital to the growth and development of any organization. In recent times, many organizations have incorporated the use of digitized services. This is because the Nation is swiftly migrating into a digital economy – an economy driven by technology. We are no longer in the age of stereotypical work. This means that employees must skill up and co-evolve to keep up with the demands of this new economy. Skills like transdisciplinarity, novel and adaptive thinking, virtual collaboration, social intelligence and design thinking go in tandem with this rapid evolution and deployment of innovative technologies. The skills, values and perspectives required must be instilled into employees through Human Capital Development.
Apart from Organizational Growth, Human Capital Development in an organization brings out the best in employees. Employees like to acquire new skills on the job. A sense of pride and loyalty develops when employees realize that their organization invests time and resources in training them and this generates maximum productivity in return.
I advocate for the empowerment of humans with the skills required in the digital economy. When we engage in Human Capital Development, innovative solutions for organizations and the Nation can be birthed speedily.
At LEAD Resources, we leverage Human Capital Development for Organizational and National Growth. Want to know how? Learn more here.
Oluwatobiloba Dairo is an Associate Solutions Architect at LEAD Resources, where she is exploring a rapid Knowledge Acquisition path, building digitized competencies relevant for Career Development and stimulating solutions for Individuals, Organizations and the Government. She is a graduate of Mathematics and an advocate of Women in Leadership. She is interested in Financial and Data Analysis.