Thank you for the feedback each month and for forwarding the newsletter to your friends and business associates. This month, our focus is on human capital – what is the cost?
Over two million people that were employed in construction in 2006 are no longer employed in the industry. Others lost valuable years of training and experience. Technology and regulations, including healthcare, are changing at the speed of light. After more than 25 years in this industry–and the majority of them as an employment consultant– I see the need more than ever for people to take time and hire smart. The cost of human capital is greater than it has ever been in history due to vast eco-social changes in our world today.
Do you know what human capital is? The definition of “human capital” by Investopedia is a measure of the economic value of an employee’s skill set. This measure builds on the basic production input of labor measure where all labor is thought to be equal. The concept of human capital recognizes that not all labor is equal and that the quality of employees can be improved by investing in them. The education, experience and abilities of an employee have an economic value for employers and for the economy as a whole.
Currently, Construction Connection has articles on our blog, free templates and tools, leading expert partners, and Consulting Simplified to help you to find ways to invest in your employees for a greater return on your investment. Investing in your employees has rewards for you way beyond just financial while giving back to them at the same time. Each month, we are introducing new leading expert partners and services to help you further. If you are interested in ways that we can currently help you, e-mail me at firstname.lastname@example.org or give me a call at 877-545-4473, or better yet, join me in Miami on May 8th for the Hiring and Retention Seminar.
Jim Collins, author of many books, including Good to Great, says: “Great companies foster a productive tension between continuity and change.” Are you continuing your business but making the investments and changes along the way? Remember, there are now two million fewer industry professionals than just seven years ago. Who do you think will get the top employees– an employer who invests or an employer who doesn’t?
Wanting the best for you,
Suzanne on behalf of Kent, Suzanne and the Construction Connection Team!
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