Business enterprises have led to a type of economy in Nigeria described by experts as private sector driven economy. These organizations have made tremendous impact on the socioeconomic growth of Nigeria, and this development is attributed to the quality of human resources at work in this organizations.
Therefore, human capital has been the secret trade success of this growth that is why you cannot play planks with this particular means of production otherwise, such organization is bound to suffer lost.
The important of human capital in work place cannot be overemphsized, it is what gives meaning in production.
And the success of any organization is a function of the quality of human capital engaged in your own business organization.
Therefore, for business organizations to succeed there must be skilled labour, expertise in different areas of engagement, quality management staff for quality delivery.
It is a sad story that while the teeming Nigerian youths are decrying unemployment, these businesses organizations are having difficulty of filling these vacancies in their business organizations.
What could be the cause of this paradox, the answer is simple, it is because most the Nigerian graduates who fill the labour market are not so qualified to handle these responsibilities in these business organizations.
And that is a slack on the part Nigerian universities and polytechnics. Could it be that Nigerian education system is not properly managed or funded? This is a question for another day.
What is human capital development then? This is about investing in human resources. Human resources are the only resources that if not train and retrain for optimal input in work place then there is bound to be problem.
That why a proper care must be taken when recruiting staff members in an organization. They must be those staff who meet the requirements and of proven integrity
Even after recruitment they should undergoing consistent development program in the organization in order to remind relevant with the current reality of this technology age.
It is a given that human capital development in an organization is so crucial to the growth of the organization and as such human capital is considered an important asset in an organization.
In most cases business organization will create an enabling environment such that will inspire desire for personal and career development among the staff members because the organization believes that the focus of human capital development is all about investing in human resources for optimal input because through this investment the organization’s goal will be realized.
The organization need is focasted beforehand and areas of concern are taken into consideration for onward analysis, evaluation, recommendation and the subsequent implementation for the purpose of realizing the set objective.
In truth human capital development has indeed contributed immensely to the overall growth of business organizations and the advancement of the Nigerian society.
Upon these achievements of human capital development, there are some factors militating against its ultimate success. Leadership problem has contributed to this challenge.
With the knowledge of the human capital development as a way forward to a successful business organization, yet poor management did not only deny itself of this important aspect of investment in knowledge but deprived its staff members of the opportunity to be updated in knowledge so as to achieve the object of the organization.
Unfortunately, poor leadership has led to numerous issues in business organization and as a result the real owners of the organization lost at the end of the day. When the leadership of an organization lacks the necessary skills to get things done, then you can imagine the level of failure they are anticipated.
Most times the management may fail to appraise, lest alone to understand what could be the cause of a problem not to talk of developing a long term or short term solution for such problem.
Furthermore, we cannot deny the fact that life is dynamic, thing are changing on daily basis, the traditional way of handling issue has soon given way to technology advancement and as there is new changes technology, it therefore, call for continuous improvement of staff skills and knowledge but in most cases the leadership often overlooked the changes and the need to keep its staff uptodate in knowledge.
Sometimes the problem of placing the right person at the right work and at the right time do occurred, occasioned by insensitivity on the part of the management. Again lack of inflexibility and managing rigidity do constitute a serious problem in a business organization.
Not much can be done in any organization that discard the important of human capital development. And when business organization is not priding with its workforce, when it cannot link it (the workforce) with its policy plan the business will not flourish.
That is why in most businesses organizations very small achievement is recorded because the management has failed to recognize human capital as policy makers in a business organization hence, has not link them to business development plan.
We must not forget that human capital needs are very crucial and important in a business organization because it helps in planning ahead and beforehand for the smooth sailing of the organization. Therefore when organization lacks the sensitivity to determine human capital needs in an organization then the success of that organization is stifled.
In view of the foregoing it is no doubt that human capital development has some crucial role in the overall growth of a business organization and as well the socioeconomic development of Nigerian state.
Therefore since human capital development is so important in the overall socioeconomic development of a nation then there is needs to develop training and retraining program for Cotiniuous development of the workforce. This also call for frequent analysis of the human capital development profile in an organization.
A proper analysis will mean that the organization is ready to prepare for the business strategies that will pay the organization off in a future distant.
By this, management will be able to decipher which worker need to be changed and which one needs replacement or training and/or who needs to be placed in a particular place for what purpose
Moreso, in view of the changes in technology there is need for continuous development of staff on the new technological approach to doing thing. And finally program should be developed in a way that will address problem linking to business plan.
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