What is human capital? Simply put, human capital refers to the skills, knowledge and experience possessed by individuals, viewed in terms of their value to an organization. It’s the collective combination of the tangible and the intangible human qualities, competencies and know-how that employees bring to the table which can be directed and leveraged to create real economic value for a business, beit in the form of revenue and profits, balance sheet or goodwill.
How is human capital different from “human resources”? The definition of human resources has traditionally been focused on the job performed by employees—think of it as the business (job) defining the individual (employee) efforts. The human capital lens shifts the focus away from the job and towards the abilities and training that individuals possess, the investment of which is capable of earning returns over a long period of time—here, the individual (employee) efforts help define the business (work).
Do I really need an HR consultant? As a business owner or executive, you might ask yourself why your company might need the services offered by DP Human Capital Management LLC? Consider asking yourself the following:
- Is your idea of human resources paying your employees and insuring the health insurance remains in force?
- Is HR handled as part of the full plate of an Office Manager, Executive Assistant or Controller/CFO?
- Is there a small voice in the back of your head which says you need to beef up your company’s HR “chops”, but you don’t know exactly what that means, how to do it, or what it will cost?
- Is your employee handbook (you have one, right?) up-to-date with policies which reflect the latest changes in California labor and employment laws?
Digging down a little deeper ask the question…
- Does your Worker’s Comp Xmod factor seem to be trending upwards year over year?
- Has your payroll department reported that your California UI rate is increasing each year?
And finally, ask yourself..
- Have you personally had to spend valuable time, mindshare and operating capital defending against wage-related, harassment, or other questionable or frivolous claims?
DP Human Capital Management LLC can help business owners and executives reduce “hidden” operating expenses which take away from the bottom line and avoid costly legal exposures due to insufficient or non-existent HR practices.
Why should your company consider using DP Human Capital Management LLC? Ask yourself if any of these apply to your business:
- When you walk through your building, does it seem like your employees are fully engaged in their work or just watching the clock or working for the next paycheck?
- Are you frustrated by the time, energy and costs expended to attract, hire, train and retain top-notch talent?
- Are you concerned that your employee turnover seems to be higher than you think it should be?
- Do you have a retention strategy to address or prevent what might happen to your business if your most valued or key employees quit, retire, get recruited away or otherwise leave?
DP Human Capital Management LLC can help business owners and executives recognize both the tangible (economic) and intangible (cultural) value propositions of maximizing human capital ROI through talent development, aligning teams and effective people strategies.
Still not convinced? Think about your trusted circle of friends, associates and business advisors: if they include those with expertise in legal matters, business management, finance and operations, why wouldn’t you also augment this cadre of professionals with a business partner who brings to the table an understanding of the unique HR business challenges facing small companies in an ever-increasing challenging business climate?
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