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Managing Human Capital as a Strategic Source of Sustainable Enterprise Development and Competitive Advantage

Managing institutions workforce encompasses enormous challenges, which warrants careful assessment of elements that constitute its effective and efficient management to ensure outstanding performance, organisational development and sustainability is enhanced. This study examined procedures and processes of managing human capital as a strategic source of sustainable enterprise development and competitive advantage. In this regard, it reviewed several pieces of literature that identified considerable elements of human capital management. This study however employed descriptive quantitative and correlational methodsfor the collection, classification and presentation of data, which was obtained through the distribution of three hundred (300) questionnaires to employees of 2 financial institutions. Data obtained from survey was analysed using percentages and Pearson correlation. Results of data analysed showed that staff capacity building (training and development), employee engagement and commitment and compensation and rewards management serves as strategic elements which facilitate the efficient management of organisations human capital. Further facts revealed, emphasised that, the judicious management of aforementioned components reinforces organisations capacity to strategically position their workforce for competitive excellence. More findings disclosed that, an efficient performance management system ensures the conduct of staff capacity building programmes and the provision of adequate toolsfacilitate the enhancement of skills and competencies for effective job performance. Also, recognising employees for their immense contributions through financial and non-financial rewards strengthens organisations management capability. In addition, effective engagement strengthens employer-employee relationship which supports and improve task, adaptive and contextual performance. In relation to the foregoing facts about human capital management, this study is noteworthy to human capital specialists, general management practitioners, business consultants and training and development specialists.