When it comes to attracting and retaining talent, what part does salary play? Conversely, how much do perks like nap pods, ping pong and unlimited paid time off matter?
Competitive pay and attractive perks certainly help, but today’s workforce expects more. Does tracking down top talent and strategizing ways to retain employees sound like a career for you? If so, the Northern Kentucky University (NKU) online Bachelor of Science in Business Administration (B.S.B.A.) – Human Resource Management program can help you earn the credentials to get started.
What Is Human Capital?
The term human capital relates to the economic value of a company’s employees. As Investopedia explains, “Human capital is further enhanced by education, training, intelligence, skills, health, and other qualities employers value, such as loyalty and punctuality.” While it may be an economic concept, it is also an intangible asset that drives productivity and profitability.
When employees experience disengagement, organizations pay a price. High turnover remains one of the most persistent and costly challenges facing businesses today, making effective human capital management a strategic priority for HR leaders across every industry.
What Is the Hiring and Development Process?
The hiring and development process begins with identifying a position to fill. Recruitment practices typically include advertising the position, screening and interviewing candidates, performing reference and background checks, making an offer and, hopefully, landing the perfect hire.
Effective onboarding is a critical next step. According to the Society for Human Resource Management (SHRM), only 12% of employees feel their company does a great job with onboarding, yet those who experience strong onboarding are nearly three times as likely to say they have the best possible job.
This leads to the next make-or-break part of human capital management: Development. Development is an ongoing process focused on helping employees enhance their skills and knowledge. An effective development program increases employee engagement and gives them a reason to stay.
How Can Companies Attract the Best Talent?
Attracting top talent requires more than posting a job opening. Common recruitment strategies include browsing professional networks, though in today’s competitive job market, companies often need to take additional steps to capture a candidate’s attention. Strategies might include:
- Work from anywhere: Companies are grappling with getting employees back to the office, especially when long commutes are involved. If being in the office is not critical, “must be able to work U.S. hours” may be a good compromise.
- Four-day work week: Some companies are exploring compressed or shortened schedules as a way to improve work-life balance and reduce burnout without sacrificing output. The pay stays the same, as does the workload. For roles where flexibility is possible, it may be worth considering as a recruitment differentiator.
- Go local: With remote work trends continuing, location requirements are less common. However, there are benefits to hiring locally. Hosting networking events helps develop a local talent pipeline. For example, tech companies might sponsor “Women in Tech” events to broaden the candidate pool, close the gender gap and promote an inclusive culture.
- “Reverse engineer” your employees: Rather than relying solely on applicant tracking systems, check in with your top-performing employees. Who do we love? Where did we find them? What was their background when we hired them?
- Recruit “second chance” hires: The U.S. Chamber of Commerce reports that 85% of HR leaders agree that second chance hires perform as well or better than other employees. Second chance hiring expands the talent pool, benefits businesses and strengthens communities.
How Can You Launch an HR Career?
Entry-level HR careers typically require a bachelor’s degree. As you advance your skills and experience, the payoff can be significant. According to the U.S. Bureau of Labor Statistics (BLS), human resource managers earned a median annual salary of $140,030 in 2024. Those in the top 10% earned more than $239,200.
A career in human resource management demands both strategic thinking and a strong foundation in HR fundamentals. Coursework in NKU’s online B.S.B.A. – Human Resource Management program builds that foundation through studies covering essential topics for success, including:
- Organizational behavior
- Operational management
- Employee training and development
- Recruitment, including candidate sourcing tools and hiring techniques
- Compensation and benefits
- Employment law
- Negotiation and conflict resolution
A career in HR offers opportunities to make a meaningful difference every day. If this sounds like a rewarding career path, NKU’s B.S.B.A. – Human Resource Management offers a fully online, flexible format so you can build needed skills without putting your life on hold.
Learn more about Northern Kentucky University’s Bachelor of Science in Business Administration – Human Resource Management online program.
