Human capital – can your business meet the challenge?12 August 2012
In today’s knowledge economy, people are often an organisation’s greatest asset. Such is the value of human capital that in some business acquisitions, the price of the company can be determined to a large extent on the basis of the staff within it.
However with one in two employers struggling to fill key positions, the downturn has failed to end Australia’s chronic talent shortage. And with the mining boom and an ageing population, the situation may well get worse in the decade ahead.
So how can businesses meet their human capital requirements? And does your company have a strategy in place to help it balance supply and demand? These are amongst the questions posed by UQ Business School to businesses as part of the ‘Challenging the Future’ campaign to mark the School’s tenth anniversary.
A recent survey by the Manpower Group reveals that 50 per cent of businesses are finding it difficult to fill key roles, with skilled tradespeople, engineers, sales, finance and IT staff topping the list of skills shortages. It’s clear that employers will need to have a strategy in place to ensure they can meet their current and future needs.
Andrew Griffiths, Dean of UQ Business School, said: “Human capital is often the most important factor today in driving a business’s performance. The talent shortage is likely to prove a major challenge in the decade ahead and companies will need to consider other options, for example apprenticeships and training, using older workers, recruiting from overseas, and flexible working.
“As UQ Business School celebrates the end of its first decade, we’re encouraging organisations to consider the challenges they are likely to face in the decade ahead. UQ Business School can help firms to keep abreast of issues like these and be prepared. Over the next ten years we will be playing a key role in helping Australian business to adapt to the changes and develop the skills and solutions necessary to support a thriving economy.”