Human Capital Management Trends in Global Economy
Challenge for Human Capital Management?
In recent years there has been significant change in the way labor is pooled across the globe. The influences of technology and growth have effectively caused industry leaders to have to change their focus from the brute force of labor (factor of production of traditional Economics) to the actual quality of the workers available globally (Global Outsourcing). This has produced a shift in tactics for those who manage Human Resources. It is now pertinent to devise strategies to develop the working population by educating them and developing their technological skills so that they can contribute to the ...view middle of the document...
But how does an HR firm or manager actually go about successfully leading workers to a place where they are able to confidently proffer their services to companies eager to employ? Likewise, what does it take to guide a company to a position in which it can be ready to hire the right talent at the right time?
The failure of good leadership in the management of human capital is one of the primary causes of bad employment processes, sagging profit margins and, potentially, the overall failure of a company. In today's competitive and dynamic labor market, it is vitally important for HCM to focus extensively on the strengthening and development of excellent leadership skills. All too often programs designed to develop and improve employee capabilities are destined to fail for one simple reason – they lack the backing of a strong leadership team. That is why it is crucial to set up a proactive leadership team , developing a roster of professionals with advanced leadership skills. A number of Indian companies too have been complaining about not getting adequate team work, innovative capability and Leadership qualities even in Best B schools graduates. Kind of soft skills needed to keep organization ticking to demand of dynamics of markets.
If a company's management is unsure how to begin, it will be wise to pay close attention to the skills that really do pay off. One of the most valued leadership skills in the HR industry is trust building. If Human Capital Management cannot deliver on promises it has made, both its corporate base as well as its labor pool will quickly slip away. One US Company, for instance, recruited a large number of programmers from a developing country. Dreaming to work for a U.S. company they gladly committed to the training courses provided, assuming there would be work for them after they were finished. Unfortunately, by the end of the training courses the company could only support half of positions sought by these potential workers, brutally dismaying those left behind. While the number eventually employed was still enormous by industry standards, the company lost out by the amount of negative press received.
Many companies fail by inadequately training their employees, leaving them once they are sent to work and generating a higher than expected employee turnover rate while reducing fiscal profitability. This is caused by employees being left with a sense of distrustfulness towards their employer, something that is extremely important to prevent (Issues of building Employee loyalty and emotional bond with the supervisor(s).
While there are several issues involved, one of the advantageous aspects of having a dynamic and changing labor pool is the availability of large number of younger, tech-savvy recruits who are, more likely than not, more susceptible to be influenced by charismatic leaders who fit with their ambition and role model. Thus leading upfront and creating a kind of...