Author: Mark Firth/Monday, March 23, 2020/Categories: Blogs

For an organisation to remain competitive, its workplace processes, systems and strategies must continuously change and evolve. Most industries have a pressing demand to respond to the fast-moving global economies and technological advancement to keep up!

A slight change in the business affects its most important asset- the Human Capital. Losing an employee is a high-priced task due to the associated recruitment costs. This means that if any employee leaves the company, some of the essential and intimate knowledge base also leaves with them.

ABOUT EFFECTIVE HUMAN CAPITAL DEVELOPMENT

An effective human capital development plan has the ability to support a smooth transition and also ensure that the employees are well prepared in advance through the change journey. It becomes crucial for the team to adapt to the new leader so that it has a minimum impact on the workflow.

Here are six key steps that an organisation needs to follow for effective human capital development: