Chapter 6
Developing Human Capital
Every organization in industry is looking for a competitive advantage. There are many strategies for securing that advantage, but the only true, lasting, competitive advantage an organization has lies in the talents and passion of its people. In this chapter we will focus on how to develop human capital. Specifically, we will focus on the following concepts:
- Discussing the importance of leading “persons”
- Leveraging people's unique talents and strengths
- Engaging the whole person
- Focusing on people's strengths
- Effectively recruiting, retaining, and developing people
- Providing people with a career-changing experience
- Recognizing and rewarding success
Many have implemented new processes or technologies in the hope of getting a leg up on the competition. But we live in a copycat world. In the 2009 football season, the Miami Dolphins unveiled a new wrinkle against the New England Patriots—the “wildcat” formation. It seemed to catch the Patriots by surprise and helped Miami win this contest. Within two weeks, every team in the NFL had its own version of the “wildcat” package in its offensive game plan. Was this really a competitive advantage? Well, it was for a very short period of time. There are very few long-term competitive advantages in any industry. We all have access to the same data, technology, markets, and processes. I would suggest that the only real competitive advantage any organization has is the talents and passion of its people.
