BOOST YOUR BUSINESS THROUGH HUMAN CAPITAL: 6 ALTERNATIVES WORTH CONSIDERING
Your teams represent your business’s greatest asset. Beyond the manual labor that they offer, each of your employees carries a wealthy human capital that you can enhance and leverage to grow your organization.
Today’s Great Resignation trend has forced businesses around the country to reevaluate the importance of each person in their company.
But what is human capital, and why is it so important?
Human capital is a term that refers to the value of a worker, and it is composed of an employee’s skills, experience, education, training, health, wellbeing, productivity, and loyalty to your brand.
So, boosting your business’s human capital can increase your chances of long-term success and grow your profits. But how can you boost your company’s human capital when you are operating on a shoestring or your budget doesn’t stretch to hiring several full-time in-house teams? Check out the options below.
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Outsource Your Non-Core Tasks
One of the best ways to leverage a professional’s expertise, experience in the field, and knowledge of the industry without having to hire a full internal team is to outsource. Thanks to today’s platforms and managed services, you can find subscription services that can improve the quality and efficiency of your operations without spending a fortune.
If you decide to outsource, it is important to look for companies that can help you with your non-core tasks. For example, you might consider partnering with IT managed services, marketing agencies, cybersecurity experts, small business accountants, or remote customer service professionals.
At the same time, make sure to trust some of your best employees or talented recruits with your core tasks, as these are the ones that can help you deliver your value proposition.
Consider a Distributed Workforce
The office - just like the world’s workforce - has undergone several drastic changes during the past two years. If, before the pandemic, employees were tied to physical office premises, today, they can work from anywhere and be just as productive.
That is why it is worth looking into the benefits of a distributed workforce and tapping into the international talent pool. For example, you can reduce your office running costs, reduce your business’s carbon footprint, and work towards improved employee wellness.
If you are looking to introduce a hybrid work model in your business or create a new organization that leverages remote teams, make sure to invest in the right infrastructures and systems to boost employee productivity and efficiency.
Implement a Mentoring Program
Each of your employees or partners brings significant human capital to the table. However, don’t forget to value the importance of the experience and knowledge of your senior workers.
Today, nearly 90% of Fortune 500 companies offer mentoring programs - a sharp increase since the 70% that offered these types of coaching solutions just a few years ago.
But why is introducing a mentoring program so important for your newer recruits and younger employees? A mentor can help young talents grow and develop - and they can offer guidance throughout their career. Ultimately, this can ensure that the knowledge and experience accumulated by your senior teams can be effectively inherited by your future employees, supervisors, managers, and executives.
Partner With Other Businesses and Associations
Human capital is not only found within your organization. Of course, no business can survive alone, and the chances are that you already have a network of partners, suppliers, and professionals you can count on. So, why not tap into the knowledge of other businesses and founders?
You can do so by building relationships with local businesses that offer complementary services to yours, and even with your competitors.
Diversify Your Team
Diversifying your team is vital - especially for growing businesses and startups. However, it can be extremely hard to diversify your team if you only employ a handful of professionals.
On the other hand, when growing a team that is inherently diverse you will be investing in the human capital of each team member.
Thanks to their diverse backgrounds, experiences, and culture, you can create the perfect human capital wealth to bring your business forward and maintain a unique competitive edge.
Network and Continue Learning
Ultimately, motivation and collaboration in the workplace start with you, the business owner. So, make sure to grow your own human capital, education, experience, and network. You can do so by investing in training courses, college education, and upskilling programs.
You might also consider practicing lateral thinking techniques, putting yourself out of your comfort zone, and learning from experiences that are external to your business.
And, don't forget about the importance of finding a mentor who can guide you along the journey of building and growing your business.