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Management and Strategy News
The State of Human Capital
16-Okt-2012
by The Conference Board
Human capital professionals are struggling to meet
the needs of an-ever changing global business landscape. As global
markets and technology evolve, “people processes” are failing to keep
pace. While tremendous strides have been made over the past decade in
areas like workplace diversity and flexibility, the human capital
function has largely lagged behind in effecting organizational success.
As a consequence, human capital leaders must work harder — and smarter —
to cement their place as a key business partner on decisions central to
the present and future success of their organizations.
A new report by The Conference Board and McKinsey & Company on the State
of Human Capital 2012 examines four specific opportunities that HC
executives must seize if they are to effectively manage the global
talent pool in an unpredictable business environment. These include:
Look ahead: anticipate and plan for the human capital of tomorrow–
From the increased presence of the highly connected millennial
generation to the proliferation of the virtual office, tomorrow’s
workplace will look very different from today’s.
Secure a steady, reliable pipeline for today’s skilled workers, and
tomorrow’s leaders – The war for talent continues, spurred by
relatively high growth in emerging markets and the mismatch between
worker skills and jobs in most regions of the world.
Develop strategies to reenergize your employees about what they do,
and about what the organization stands for – An engaged workforce
can drive financial performance. Studies have shown that employees who
are truly engaged are more likely to stay and contribute to the
organization.
Ensure that the HR/HC function becomes more agile than the
organization as a whole – Organizational agility is an essential
response to the volatility of today’s business environment. An MIT study
shows that agile organizations grow revenue 37 percent faster and
generate 30 percent higher profits than non-agile organizations.
“In today’s global marketplace, particularly in such a hostile and
unpredictable business environment, it is imperative that human capital
executives and departments place themselves at the heart of strategy
development conversations,” said Rebecca L. Ray, Ph.D., Senior Vice
President of Human Capital, The Conference Board. “Human Capital
functions need to break out of their comfort zones, take risks and
become a true business partner.”
“Right now, human capital departments are struggling to deal with a
global talent shortage, adapt to a changing workforce, and develop new,
flexible working models to meet the needs of tomorrow’s workers,” said
Bryan Hancock, a Partner in McKinsey & Company’s Atlanta office. “Human
capital departments and executives are also facing a real struggle to
make a strategic difference in their organizations. Only by partnering
with other parts of the organization will they be able to address
critical business issues with long-term, systemic impact on human
capital.”
With many human capital departments today paralyzed in the face of
seemingly monumental challenges — such as accelerating leadership
development, acquiring talent, and retaining key players in a world of
constant change across borders, cultures and challenges — the report
offers a way forward. Based on a survey of hundreds of practitioners as
well as focus groups with senior leaders in human capital around the
world, the report offers an overview of the current state of the human
capital function, key strategies and approaches executives can implement
immediately to reach the summit.
Source: The State of Human Capital 2012
Report # R-1501-12-RR
The Conference Board
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