Managing Human Capital: Today’s Challenges


Growing businesses are faced with quite a few challenges. Many consider cash flow, competition and revenue growth to be their top priority. Nonetheless, it is human resources management that companies really struggle with.

Human capital management is a complex process which includes many stages and requires a lot of planning. It can be expensive, tiring and time-consuming. However, it should never be neglected. All organisations need hr to operate productively. These are people who drive businesses towards success, helping reach goals and build market dominance.

On the other hand, employees can lead an organisation to decline. They can fail to deliver or be less productive. But this only happens if a firm refuses to realise the importance of their number one asset and manage them incorrectly.

We have compiled 6 challenges that impact workforce management the most.

Attracting Top Talent.

Today, skills shortage is as severe as ever. Companies fail to fill vacancies with the right candidates in many industries. Firstly, the skills offered often don’t match the demand. Secondly, it is difficult to maintain the balance between keeping the workflow running and concentrating on the search. Also, it is impossible to know whether a new recruit will actually be a good fit until they have worked for you for a period of time.

Adapting to Change and Innovation.

Success goes hand in hand with change and innovation. Whether it is procedural, structural or technological. It shapes business environment, competitors and customers. Therefore, it is important to adapt swiftly in order to stay ahead of your competition.

At the same time, change brings stress and uncertainty. HR professionals are tasked to ensure employees cooperation and happiness throughout the process. As well as their upskilling. Moreover, the fact that it is a recurring challenge doesn’t make things easier.

Compliance with Employment Laws.

Another major struggle for businesses is complying with employment legislation. Especially when expanding into new markets. It is extremely hard to keep on top of all legislation changes and differences. Some organisations choose to ignore certain laws, thinking they don’t apply to them. Which may result in audits, lawsuits and serious damage to company operations.

Leadership Development.

Finding and keeping the leaders of tomorrow is another crucial task that does not come easy. Whether you plan to recruit you next manager externally or develop them from existing employees, expect difficulties. First of all, you need to provide them with tools and training to accomplish the goals. As well as create opportunities to use their strengths. Yet, the greatest challenge is to retain leaders-in-the-making.

Workforce Training and Development.

It is equally if not more important to invest into lower-level employees’ development and training. Although training keeps your staff stimulated, productive and loyal; this is only true when it is engaging and relevant. Meanwhile some businesses lack the resources to do so. Others find it hard to foster the culture of continuous learning, as employees become bored and overloaded.

Retaining Highest-Performing Employees.

A quality employee is hard to find and measure. But once they are in place, many hr professionals recognise the importance of keeping them on board. Competition for talented employees is ferocious; and high turnover can negatively affect business growth. Unfortunately, companies that don’t have large budgets and cannot offer great career opportunities, struggle to retain highest-performing employees.

Solution.

One of the best solutions to the many workforce management challenges is staff augmentation and talent acquisition companies. To begin with, they have access to a larger talent pool and more resources. In addition to this, they can find you temporary employees who are happy to cover short-term projects or certain skills shortage. Working together with a partner like Bradford Jacobs, you will hire your next top talent in no time.  Contact us today to find out how we can help you with your HR and payroll needs.