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Businesses require 3 types of capital:
Money grabs the most attention and the large corporations, with their deep pockets, enjoy a clear advantage.
Time is money. Unlike spent money, you cannot recover spent time. Moreover, everyone has the same 24 hours: an individual, a mom-and-pop shop or a huge corporation.
People working in an organisation contribute their talent for rewards. And the more human capital a business accumulates, the better its chances of success.
What is Human Capital?
In simple terms, human capital comprises 3 components
- Hard skills (training and qualifications)
- Technical expertise (includes experience)
- Intangible qualities (soft skills)
When members of your team possess all three components in the right proportion, your team’s human capital grows.
Ensure that you interview and select the right people.
Join me next week for an outline to identify and grow your team’s human capital.
Copyright @ Eric Alagan, 2019