Tooling-U white paper documents the conditions, effects, and possibilities for manufacturers that identify the value of human capital.
Tooling-U — the SME division that develops learning and training programs focused on manufacturing — wants to re-emphasize the importance of “human capital”, a term introduced by economists to establish an awareness of individuals and their skills as organizational assets. To raise awareness of the importance of human capital “to ensuring sustainability of manufacturers in the long-term,” Tooling U issued a white paper, People Power: Human Capital Drives Manufacturing Competitiveness, that details how individuals contribute to businesses’ performance — and how investing in human capital distinguishes world-class companies from their competitors.
There are several components to developing human capital (talent acquisition, performance management, rewards and recognition, success planning and system process/system design) but one critical area is workforce development. The white paper details how “model companies are outperforming others in large part because they manage and train differently.”
A well-trained workforce is a competitive advantage, according to the report, allowing companies to drive innovation, customer satisfaction, quality, productivity and growth. The beneficial by-products are engaged and loyal employees, satisfied stakeholders, and a thriving economy.
Tooling U-SME’s white paper aims to help companies recognize the importance of investing in a well-trained workforce to meet business objectives. It includes:
• Research demonstrating the importance of human capital for meeting business objectives.
• Industry best practices in training and development.
• Case studies from world-class companies.
"In our work with manufacturers, we see that even if two companies have the same technology, equipment, processes and materials, that does not mean they have the same success," said Jeannine Kunz, managing director of workforce and education for Tooling U-SME. "Companies that invest in developing their people are seeing the strongest results related to increased profits and productivity and reduced downtime and waste."