How can human capital be leveraged to allow businesses to thrive doing periods of economic downturns?

The key to leveraging human capital is to view it as a resource rather than as a transactional system. What I mean by this, is that human capital is often thought of in terms of labor and its skills but when we consider labor or the workforce in terms of a creative force or resource we can look at it and utilized it in a different way. For example, when the economy takes a tumble many companies end up laying off workers. This is often unavoidable but there may be ways to reduce the need to take this action. For instance, if the company has a system of using employee suggestions and can capitalize on creative thinking, there may be a way to reduce layoffs during the down economic period by having other methods of saving or increasing revenue. For instance, I once worked for a company that had a suggestion system that allowed employees to suggest changes that could save the company money. These suggestions created many basic changes to processes over time that allowed the company to operate profitably, even during poor economic conditions. The key, I believe is to leverage, creative thinking prior to the economic downturn, in order to be prepared for it.

 

Participation

The triple bottom line is a strategy with a three-pronged approach. The triple bottom line refers to the integration of social (people), economic, and environmental goals. By tying each of these goals together, policies and decision making become more practical and more effective because they take into account the different outcomes and ramifications.  For instance, creating blanket environmental policy that requires an entire company to begin recycling does not take into account the economic or social ramifications.

 

Participation

There are a few causes for groupthink. One cause is the group itself.  Groups are especially vulnerable to groupthink when the members are from similar backgrounds or share many of the same views. Another cause of group think stems from when the group is insulated from outside opinions (Chadwick, 2014). A group is also prone to groupthink when there are no clear rules and there is a lack of leadership. In these situations, groupthink will often occur as the result of a stronger personality taking control. In these situations, weaker personalities will often succumb to the suggestions of the stronger personalities rather than argue (Chadwick, 2014). This problem can occur within any group when there is a lack of mediation and rules that allow for everyone to participate equally.

References

Chadwick, P. (2014). Groupthink. Retrieved from Oregon State University: