What Are The Key Components Of Human Capital Strategy

What this means is that, the first step in order to continually be at the top, is the need for these factors to be incorporated in the overall strategy together with the emphasis on human capital strategy for without the high performance talent, all of these key drivers will not be possible. Components of human capital strategy that particularly need to be thought through include leadership, critical skills, organization and culture. Successful businesses differentiate themselves through impactful leadership, critical skills availability in the workforce connected and structured organization and a culture formed to work for the success of the business instead of against it.
The second step is defining the talent needs, in relation to the business …show more content…
Sourcing of talent has changed significantly as instead of country or region, talent can be sourced anywhere in the world. Full time employment is also not necessary as talent can be sourced and utilized part-time and it can be borrowed from another organization such as the consultants from third party vendors. Thus, the authors reminds us that strategic sourcing entails an examination of all the possible options for accessing talent, and finding the best method, or the best mix of methods, for acquiring the specific talent and competencies needed to meet the demands defined through the human capital strategy of your organization. Moreover, they advised to use “rightsourcing” which means asking the following questions, where should we employ this talent – in our current locations or in new ones? Should we employ it ourselves or acquire it from outside suppliers or partners? Do we need it in one place or can we access it from multiple locations, through technology? Do we need it permanently on call or just at predictable intervals? Are there talent pools that are more or less attractive to us? Does the source of talent we have identified require changes to processes or tasks to access it effectively? Could we change the need for talent by changing the business requirement in some way? The answers to these questions will ultimately define the strategy in sourcing and will also propel …show more content…
According to the authors, developing talent involves ensuring that employees continually acquire new skills and capabilities and prepare to take on new responsibilities. This can be done through education, training, work roles, special assignments and relationships at work. Additional emphasis has been given by the authors on the role of line managers, who are responsible in developing individuals reporting to them and pointed out as well that this should be their primary