Saturday, June 16, 2018

Human capital planning and strategy is crucial to the success of your business or nonprofit

Successful ventures are determined not by one individual’s efforts alone but by the work of a team and the culture surrounding them. The Human Capital Plan is an important tool that organizations use to drive focused actions that can ensure goal achievement and business success. Human capital has a very high influence on the success of the organizations we lead.

The objective of an effective human capital strategy is to enable us utilize the skills of our employees effectively, and to empower us to know the right talents to look for in the future based on our organizational need. Human capital challenges such as having capable leaders, building workforce skills, driving high performance, and ensuring retention of top talent can be addressed through effective human capital planning.

Human capital strategies are designed to ensure that an organization has the staff they need to meet customer demand, not just any staff, but the staff that meets the need effectively.  Through the Human Capital Strategy the organization is able to designs a coherent framework of human capital policies, programs, and practices to achieve a shared vision integrated with the organization’s strategic plan. Through Human Capital Strategy, employee’s knowledge, experience, skills, innovative ideas, concepts are all valued possessions within an organization, and are needed for the success of the organization.

It is essential for your organization to have a sound capital strategy. Your organizations capital strategy should outline the human resources and skills needed to allow the organization to achieve its goals. Without an effective team of people with the necessary skills to execute your business strategy, achieving your goals will never be more than a pipe dream.

Investing in a human capital strategy does not always require a lot of money, but it requires time, intention, and consistency. The type of strategy you use to recruit and retain people when your enterprise is very early stage will likely need to change as your company grows and roles become more specialized.

Therefore, it should be made clear that your organization’s greatest strength lies not in the amount of funds you’ve allocated or saved in your bank account, neither is it the number of clients you’re able to claim. While both of these are vital to your success, the only way to gain clients and revenue and continue growing them is to have a great team of employees.

People who you hire to help build your organization will be as critical to your success as the money you raise. Developing a strategy to attract, retain, and develop the right co-founders and employees from the beginning can give an organization significant competitive advantages.  Your  people  are  critical  to  your  organization’s  ability  to  compete,  innovate,  and  achieve  social  impact, and this is why you need Human capital strategy at hand.

I hope this article has shaded the need for a strong human capital strategy for your organization. Feel free to browse through the site for other articles on how you can create strong capital strategy for your organization.

Because of His love, I am forever a secure package
Chaow Chaow!

Rumishael Ulomi is a Freelance Christian Consultant, Life Coach, and Motivational Speaker in the areas of Christian Ministry, Business, Entrepreneurship, and Social Sector development residing in Moshi,Tanzania.


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