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Human capital development through corporate training is an essential function of the human resources department. In today's business world - where the IT revolution has levelled the playing field between big and small companies and where people are more mobile and informed than ever - it is an absolute "must" to keep hold of and develop your workforce through human capital development.
The concept of human capital development is quite recent. Not so long ago, employers were not generally investing in widespread, formal employee training and development. Executive development was expected to be done in-house, either by rising slowly through the management ranks or by moving to another company. Certainly it was not usually achieved via an executive training program or executive development program. Even the concept of "human capital" was not thought of.
But rising demand for an increasingly skilled workforce, combined with a growing trend of people to move from company to company, has made corporate investment in human capital development more appealing.
Management training courses are perhaps the oldest form of human capital development. These first appeared in the post-WWII era, when business academics studying the new multi-national companies realized they had developed complex organizational structures that would require bespoke training courses in organizational development and organizational management. So, now that you have the answer to what is human capital development...
Today many options are available to companies wishing to develop their human capital. These can generally be grouped into the following categories:
1. Executive development programs: Executive development programs are usually run by a business school, corporate university or other specialized executive education professionals. Such programs are generally geared to individual executives, although some good business schools offer programs to teams as well. Many different types of executive development programs are available, focusing on different aspects of human capital development. These include specific functional training and business management programs, as well as general management training courses geared to help executives make successful career transitions. With good leadership skills being increasingly expected at all levels, leadership development programs have also become popular.
2. Professional coaching and mentoring: Also usually taking place on a one-to-one basis, coaching and mentoring is a more personal way for executives and teams to focus on developing specific skill sets, particularly leadership. Executives receive personal feedback during coaching sessions, an effective way of helping people become the very best they can be. Many good executive development programs include coaching as part of the program.
3. Company-specific programs: Good business schools and corporate universities also provide custom programs that address specific company challenges, and drive human capital development in a strategic, company-wide manner.
Ultimately, investing in human capital development is a must for any organization intent on maintaining market advantage over its competitors. Recently we have seen a huge transformation to the classic business model with a growth of online vending, the rise of social media, and an increasing focus towards start-ups and apps. But behind all these still lies the human brains, which is why companies should always invest in human capital development.