Do You Invest In or Neglect Human Capital?
At most companies, more time and energy is spent investing and analyzing the financial end of things rather than looking closely at the human capital side of your company – how you attract, develop, engage and retain the talent required to execute your strategy.
Financial Health Matters
Don’t get us wrong. You need to keep a careful eye on the key indicators most important to the financial health of your business. In fact, if the business is not growing and making money, it is very difficult to attract, develop, engage and retain the very talent we are referring to.
People Health Also Matters
Our point is that too many businesses spend too little time evaluating and taking care of their human capital. Our employee engagement research suggests that too many companies neglect human capital compared to financial capital.
Unless you invest in your employees by choosing them well, developing them in a way that supports your business strategy, engaging and retaining the best ones, you will eventually suffer financial consequences.
It is at least as important to invest wisely in your employees as it is to be smart with the way you invest your hard-earned investments and profits.
How To Better Manage Human Capital
What should you be doing to better manage the talent, time and energy of your workforce? Do just what you would do to better manage your business finances.
1. Apply People Metrics
Define relevant, meaningful and clear talent goals that are aligned with business priorities and diligently measure progress. Do you want to raise the level of performance? Then determine what behaviors define success, make your expectations for performance clear, and then assess those behaviors regularly.
Do you want to know how well you are retaining your top talent? Then identify those “A” players and monitor their engagement and retention.
2. Invest for the Future
As part of your strategic plan for the business, evaluate what skills and what competencies will be most critical for future growth. Then decide whether you will hire for those skills or build them internally.
Yes, this will take time and money. But you need a workforce that can meet the challenges of the future. And don’t forget succession planning. This is another part of human capital development that puts your best talent where they need to be.
3. Keep Track of Progress
Monitor and review performance so you know where people stand and if you are getting the best from them. Be sure that your team managers know how to coach for improved performance and that they are held accountable for the results of their team.
4. Recognize and Reward Success
Just as you should reap the rewards of sound financial investments, make sure your best workers are rewarded. And see that your leaders are rewarded for building strong, effective teams.
How good are your leaders and managers at hiring, developing, engaging and retaining the best players? They deserve to be compensated for building human capital value through developing employees who can make a real difference.
The Bottom Line
Do not neglect human capital. When you can apply the same measure of discipline and the same amount of attention on your human capital as you do on your financial capital, you will greatly enhance your chances of success.
If you want to learn more about what it takes to wisely invest in human capital, download Why Talent Is Surprisingly Only 1/3rd of the Talent Management Recipe for Success
4 Keys to Keeping Talent Up to Date
Why Employees Change Their Mind
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Avon’s success is dependent on strong relationships among our Customers, Representatives, Associates, and outside resources we hire to help us meet our business objectives. We were very pleased with the results from working with LSA Global to design and facilitate a custom program for our events management team. LSA demonstrated responsiveness, flexibility, and an innovative approach to working with us.
Senior Manager, HR Destiny Sales Region
LSA has been a tremendous asset to my portfolio, both at my current company and my past company. As an HR leader, I am always looking for ways to find external resources that can provide a solution to our management training needs. LSA does that for me. Their solutions are presented in a much more leadership-oriented manner so as to be crisp, business relevant, and easy to apply right back on the job. I will continue to augment our programs using LSA solutions.
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I’ve partnered with LSA Global at two companies now, and I consider them a valuable and trusted training and consulting resource. They recommended just the right solution to address our management development needs and have wonderful facilitators that match YuMe’s culture and style of our management team. I would highly recommend LSA Global to any company wanting to deliver quality learning solutions with a valuable learning and development partner.
Our company engaged LSA to do a specialized “train the trainer” program, and the consultant’s performance outdid our exceptionally high standards for such a program. Very crucial to the success of this program was the work done upfront to discuss our needs and to interview key members of our organization so that the program specifically met our goals. Our facilitators continue to comment on the success of the program. Thanks also for the follow-up.
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The Next Generation Management Development courses have helped me communicate more effectively with my peers and teammates. By utilizing effective communication techniques such as clarifying and confirming, and asking open ended questions, I have been able to clarify and understand information in situations where I would have otherwise asked limited questions and made false assumptions.
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We signed up with LSA early on–as their 22nd Member! Since then, our organization’s learning needs have increased and decreased and increased again with the changing times. The beauty of the LSA business model is its flexibility…when we needed to supplement our own internal resources, we used LSA services knowing that we could depend on the outstanding quality of the leadership development and management training programs they provide.
We consider LSA Global our outsourced learning and development partner. We worked closely with LSA to customize a management development program to meet our growing business needs. I would highly recommend LSA to any company wanting to deliver quality learning solutions.
Vice President Human Resources
LSA is an instrumental training outsourcing partner in helping us to build management capacity and strategically invest in our people. Their flexibility, depth, and breadth of expertise allows us to deliver top quality solutions that are directly tied to key business plans. Their ability to custom design, deliver, and evaluate our Management Curriculum has been excellent. They are true business partners and a pleasure to work with.
Margaret M. Mader
Vice President, Human Resources
Over the years, both at 3Com and now at Redback, I’ve found LSA Global to be a valuable resource. The recent compliance program that they delivered for Redback’s executive and management team was the right solution, of the highest of quality, and customized to our business and culture. I would highly recommend LSA to any company looking for top quality solutions.
Vice President of Human Resources
Harmonic has worked with LSA for over 8 years. We have found their partnership extremely beneficial. We recently implemented a Management Development Program that was designed and customized to support our company’s strategic initiative of hiring, building, and retaining key intellectual property and human talent. We worked closely with LSA to target and implement the right solutions with the greatest impact. I would recommend LSA to any company that’s looking for a trusted training and development partner.
Director of Human Resources
In the Next Generation Management Development courses, I was trained with skills and tools that have made me and my team more productive, motivated, and successful at communicating with other departments.
Firmware Engineering Supervisor
I had been working with LSA for many years with my prior company. Currently, I’m with a company who hadn’t done much basic management skills training. After identifying and presenting a program recently, our managers are excited and talking in the halls about the great experience. LSA saves us time in delivering the right training for our needs.
Each program is preceded by an assessment of the participants. The course is then designed to fit the specific parameters and needs of the group. The highly interactive delivery is provided by recognized experts in their fields. On the spot coaching is provided during the program and each participant receives individual follow-up after the course. Courses can be delivered in-person or virtually. Given the nature of Cisco’s business and the way we operate, these remote workshops are a must for anyone who joins our company. Their work is eye opening. Great content and fantastic delivery.
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Working with LSA Global has proven to be extremely valuable and worthwhile. LSA understands our business, has deep expertise in content areas, and tailors the programs to deliver great results. The facilitator was extremely knowledgeable about Working Globally with India and her energy and passion made the session interesting, fun, and enjoyable for all that attended. The participants walked away extremely pleased along with highly useful practices and tools. I would highly recommend LSA Global to any company that has partners or offices in India.
Human Resources Business Partner
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