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Using at least two articles as supportive research, discuss two contemporary human capital topics that have impacted your workplace or that you foresee impacting a business. You may use this week’s required or recommended articles or locate your own. Additionally, address, as current or future leaders, how understanding these topics can assist you in recruiting and retaining employees.
The two contemporary human capital topics affecting business today are diversity and developing the next generation of talents. On the first topic, diversity, there is growing evidence to suggest its significance in the modern workforce. Workplace bias has become a top challenge in recruitment and hiring procedures. It hinders the development of capable employees from underrepresented groups. Organizations with an effective recruitment strategy that eliminates bias and focuses on applicants from diverse backgrounds are likely to have a competitive edge in human capital. According to Hofhuis et al. (2016), a diverse climate in a company reflects a positive view of trust in team communication. The continuous change experienced today in workforce management has forced companies to reconsider their strategies. Cultural diversity, in particular, has become a competitive feature for companies globally, causing a significant influence on customers’ perceptions of the brand.
On the second topic, developing the next generation of talents, it is notable that a firm that engages in effective talent management makes its employees feel engaged, skilled, and motivated. Human capital is crucial in this era of increased innovation as the key to competitive advantage. Yet, hiring top talents directly from the market has become more costly than internal recruitment. The latter is only successful if the company has engaged in practices that ensure the growth and development of employees. Millennials are preferring companies that offer these opportunities. Thus, organizations must take a more hands-on approach to talent management and future planning.
Understanding the two topics can help design a better recruitment strategy and develop strategies that improve talent retention. When a company hires from diverse backgrounds, there is evidence that it improves employees’ overall job satisfaction and commitment. According to Sharma, “Organizations that can effectively manage diversity through developing internal capabilities reap greater reward in terms of reduced staff turnover which can really cut down costs” (2016, p. 8). Similarly, developing and giving employees growth opportunities provides an organization with a cheaper and better alternative to recruitment compared to hiring externally. It ensures leadership bench strength, making it easy for internal employees to fill vacant positions with less training needs and without disrupting the organization’s culture.
Hofhuis, J., Van der Rijt, P. G., & Vlug, M. (2016). undefined. SpringerPlus, 5(1). https://doi.org/10.1186/s40064-016-2499-4
Sharma, A. (2016). Managing diversity and equality in the workplace. Cogent Business & Management, 3(1), 1212682. https://doi.org/10.1080/23311975.2016.1212682
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