04b BUS 444 Chap 4

Tacit knowledge knowledge that is in the minds of

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: knowledge knowledge that is codified, documented, easily reproduced, and widely distributed. • Tacit knowledge knowledge that is in the minds of employees and is based on their experiences and backgrounds. 4-10 Human Capital: The Foundation of Intellectual Capital 4-11 Attracting Human Capital • Hire for attitude, train for skill • Emphasis on General knowledge and experience Social skills Values Beliefs Attitudes 4-12 Attracting Human Capital • Sound recruiting approaches Scanning pools of available candidates Challenge becomes having the right job candidates, not the greatest number of them 4-13 Attracting Human Capital • Networking Current employees may be best source of new ones Incentives for referrals 4-14 Example The top 5 MBA Employers in 2007, according to Fortune Magazine 1. Google 2. McKinsey & Company 3. Goldman & Sachs 4. Bain & Company 5. Boston Consulting Group Source: www.fortune.com 4-15 Developing Human Capital • Train and develop at all levels • Encouraging widespread involvement • Transferring knowledge • Monitor progress and track development • Evaluate human capital 4-16 Best Practices to Recruit and Retain Young Talent • Don’t fudge the sales pitch • Let them have a life • No time clocks, please • Give them responsibility • Feedback and more feedback • Giving back matters 4-17 How to Get Hired • It helps to know someone • Play up volunteer work on your resume • Unleash your inner storyteller • No lone rangers need apply • Be open to learning new things 4-18 Retaining Human Capital • Identify with organization’s mission and values People who identify with and are more committed to the core mission and values of the organization are less likely to stray or bolt to the competition. 4-19 Retaining Human Capital • Challenging work and a stimulating environment Opportunities that lower barriers to an employee’s mobility within a company 4-20 Retaining Human Capital • Financial and Non-financial Rewards and Incentives Rewards are a vital organizational control mechanism However, money may not be the most important reason why people take or leave jobs Exodus of employees can erode a firm’s competitive advantage 4-21 How Diversity Benefits the Organization • Cost • Resource acquisition • Marketing • Creativity • Problem-solving • System flexibility 4-22 The Vital Role of Social Capital • Attraction, development and retention of talent is a necessary but not su...
View Full Document

This note was uploaded on 03/05/2014 for the course BUS 444 taught by Professor Lynn during the Spring '11 term at Keuka.

Ask a homework question - tutors are online