View Human Capital Value beyond Liability on Account's Balance Sheet, Studies Warn

The Observer (Gladstone, Australia), April 7, 2015 | Go to article overview

View Human Capital Value beyond Liability on Account's Balance Sheet, Studies Warn


Byline: BUSINESS MATTERS, YOU MATTER with Tara Neven

I OFTEN get asked by organisations, what are the top challenges facing business leaders today and how can they prepare for the next cycle of change in our corporate world? Put simply, it's time to start recognising the value of our people and the assets they bring to a business. Investing in the human capital value of a business will support any organisation to grow and be more resilient to change.

Human capital is broadly defined as recognising people in the business as valuable assets. Recognising that, what they bring to the business and what they do when they are actually there has economic value. This sounds simple in principle, but in reality it rarely happens. Take our current accounting system for example: people or the costs associated with them such as super, training, tax, recruitment, are a liability on our balance sheet. Human capital (or people) management is a process of directing, investing in, and developing an organisation's people. An organisation must take the time to manage its human capital so that it aligns with the organisation's goals and strategies or we will find there is a disconnect between business needs and people needs. This adds up to loss of productivity and performance.

Delloitte recently released its 2015 Global Human Capital Trends report. This was a comprehensive study of HR, leadership and talent challenges. The results came from surveys of leaders in 106 countries and there was a common denominator. There is a capability gap in our people and therefore our human capital value.

The number one talent issue identified was poor culture and engagement (not really a surprise there). …

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