Your business’s greatest asset
What’s the biggest asset companies have? Not equipment… or buildings… or land… Their biggest asset is human capital.
Human capital – The set of skills which an employee acquires on the job, through training and experience, and which increase that employee’s value in the marketplace.
It’s hard to build your human capital when employees are switching jobs every year and a half…
And that’s why recruiting and retaining Gen Y is such an enormous issue. What does Gen Y want in a job? Work/life balance? To work with their friends? More responsibility?
Company cultures are starting to change in order to accommodate to our generation… Why? Because they HAVE to.
76 million baby boomers are getting ready to retire. Who will step up and fill those leadership roles? Gen X will. But there’s only 50 million Gen X’ers… which leaves Gen Y.
Because these leadership roles must be filled, our generation has an amazing opportunity to take on new challenges and roles in our jobs. Companies will be seriously competing for those top tier Gen Y’ers who can perform in the workplace.
But once companies get the talent, they have to retain it. Millennials are loyal to people, not organizations. If your company can’t keep them engaged, they’ll find a company who will.
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5 Responses
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Great post. I tend to lean towards a businesses greatest asset being cash.
I think I read this in a Dan Kennedy book somewhere, I didn’t agree when I first heard it but I’m starting to come around.
Thanks for the comment, Dane.
I look at cash as being a product of having human capital. If you don’t have any human capital… you don’t have any way of making cash.
I read a great book on this topic called “Love ‘Em or Lose ‘Em”. It’s been a staple for me in my management roles ever since. It’s a challenge getting Gen Y to conform at times. Instead of changing the peg, I’m realizing I have to change the hole!
Haha to Adam’s point, it’s cool to hear someone taking a flexible stance. It’s not that we’re so particular, I think it’s just that we’re fed up and will move until someone will listen to our points.