If there’s one thing that dynamic companies are relying on to spur their growth, it’s people. The talents and knowledge of the workforce play an essential role in economic growth. There was a time when capital only referred to assets and physical resources. Now, we talk about the strategic role that people play in economic growth. This is what we refer to as “human capital.”
In my opinion, it is one of the most important components of business innovation. Recruiting and retaining the best talent is the key to a company’s success, and this is what dynamic companies around the globe are struggling to do.
Managing Human Capital for Optimal Financial Performance
For those who are still questioning the relationship between human capital and financial performance, I invite you to read the study titled, Under the Microscope: Discovering Alpha in Human Capital Management, published by AXA Investment Managers in 2009. The study gives a clear picture of the analyses conducted on this issue by various researchers and companies, and concludes that: “quality and effectiveness of human capital management is a leading indicator of productivity gains and corporate value creation.” 1
At Raymond Chabot Grant Thornton, we understood very quickly that promoting employee fulfilment through training, development, health promotion and employee benefits programs, and adjusting the way we do things, fosters team motivation and contributes to our growth.
We are constantly seeking new ways to offer an environment where our employees can advance and feel fulfilled, and our ultimate objective is for employees to achieve their full potential. Indeed, human resources are one of the pillars of Grant Thornton International’s global vision titled, Our 2015 Ambition.
Integrating and Retaining Talent
As managers, we need to retain and motivate employees but, first, we must be able to find them, and this is proving to be an increasingly difficult task.
One solution we should be promoting is immigration. The truth is, without outside talent, we’ll never be able to aspire to grow; as of 2030, the growth of the Quebec population will rely solely on immigration. Indeed, our natural growth will only continue until 2029, according to demographic projections from the Institut de la statistique du Québec. Calling on the immigrant workforce is no longer a choice, but a requirement for our prosperity. There is no denying that, unfortunately, immigrants have always had difficulty finding work. Therefore, it becomes our responsibility, as business people, to help integrate foreign employees and implement the necessary means to achieve this.
I firmly believe that the key to our collective success is twofold: ensuring employee satisfaction and integrating foreign talent. Implementing both aspects correctly will, without a doubt, help Quebec entrepreneurs remain at the forefront of innovation.
1 AXA Investment Managers, Under the Microscope: Discovering Alpha in Human Capital Management, 2009, pg. 3 (consulted on January 9, 2012).
