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Management of intellectual cap within organizations

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Management of intellectual cap within organizations

  1. 1. MANAGEMENT OFINTELLECTUAL CAPITAL WITHIN ORGANIZATIONS: THE HRM’S CHALLENGE Obed Obed 1
  2. 2. • STUDY OBJECTIVE By the end of the discussion students shall have learned: • the origins and nature of intellectual capital • the role of knowledge as a key building block of intellectual capital • the components of intellectual capital • the different ways of measuring intellectual capital; and • the HRM’s role in obtaining, building and retaining intellectual capital Obed 2
  3. 3. • INTRODUCTION • Knowledge is now acknowledged as a distinct factor of production in an organization. Inspite of being intangible or hidden the asset helps in the achievement and sustainance of competitive advantage. • Tangible assets (land, buildings, equipment, inventory and financial resources) alone cannot do the trick. Their central role no longer exists. Obed 3
  4. 4. • Organization success in this era depends on what it knows, how it is used, and how fast new knowledge can be obtained and used.• People owning knowledge therefore have to be treated as important assets and not mere commodities. Obed 4
  5. 5. 2. WHAT IS INTELLECTUAL CAPITAL?• “ Intellectual material that has been formalized, captured and leveraged to produce a higher valued asset”. Klein & Prusak (1994)• “ the intellectual material – knowledge, information, intellectual property, experience that can be put to use to create wealth” T.A. Stewart (1998) Obed 5
  6. 6. “Knowledge that is of value to an organization”.Laurie J. Bassi (1997)• Intellectual capital is the sum of everything everybody knows that gives an organization a competitive edge over the others. Obed 6
  7. 7. WHY A CRITICAL ASSET?• Most assets depreciate when obtained, intellectual capital appreciates.• As the service industry grows, the intellectual capital’s importance increases.• Employees, with intellectual capital can find work opportunities elsewhere in the wide business area• The globalization of the economy is putting pressure on organizational adaptability and innovation. Obed 7
  8. 8. 2. THE ORGINS AND NATURE OF INTELLECTUAL CAPITAL• Intellectual capital represents knowledge transformed to something of value to the organization. Where does Intellectual capital (IC) come from? The employees within the organization - they own knowledge, skills, abilities and ideas. - organizations rent the same from employees. - when used or converted into products, services or work processes the organization takes their ownership. Obed 8
  9. 9. • The organization itself which has data (collected facts and figures) which when organized become information (logically sorted data). Leads to knowledge. Obed 9
  10. 10. BENEFITS OF POSSESSING INTELLECTUAL CAPITAL• Improved efficiency of people and operations• Increased responsiveness to customers• Improved decision making• Enhanced employee satisfaction• Savings in research and development costs• Reduced duplication of efforts; and faster innovation of products Obed 10
  11. 11. 3. KNOWLEDGE: THE KEY BUILDING BLOCK OF INTELLECTUAL CAPITAL• What is knowledge? “the understanding of why and how something works, for example how and why the customer reaches a decision to purchase a good or service”. Pat clarke (1998) - knowledge is generally related to the level of education of a person. It can be acquired from schools or universities or elsewhere. Obed 11
  12. 12. - knowledge is not always of an academic nature. Is not inborn but needs learning from books, teachers or mentors and society.• Categories of Business knowledge - Advantaged knowledge – does or can provide competitive advantage - Base knowledge e.g best practices form an integral part of knowledge - Trivial knowledge – that with no major impact on the organization Obed 12
  13. 13. CHARACTERISTIC OF KNOWLEDGE - must be unique, valuable and impossible to imitate by competitors which would kill the established competitive advantage Obed 13
  14. 14. 4. THE COMPONENTS OF INTELLECTUAL CAPITALIC contains at least three components: (Hubert Saint-Onge et al; 1996)• Human Capital (or Employee Capital) - the capabilities (usable knowledge, skills and competence) of the individual to solve problems -could be a result of genetic inheritance, education, experience and attitudes about life and business. Obed 14
  15. 15. • Customer Capital (relational or external capital) - includes knowledge of market channels, customer and supplier relationships and industry associations• Structural Capital (organizational or internal capital) - the capabilities of the organization to meet market needs (eg. Organizational operating systems and manufacturing processes).Different types of knowledge are held within the abovecomponents, both tacit and explicit knowledge. Tacitknowledge obtains as follows: Obed 15
  16. 16. • In human capital – it is the mindsets of individuals, their assumptions, biases, values and beliefs.• In customer capital- it is the individual and collective mindsets of customers, which shape their perceptions of value provided by any given product or service• In structured capital – it is the collective mindsets of the organization’s members, which shape the culture of that organization, including norms and values. Obed 16
  17. 17. 5. THE MEASUREMENT INTELLECTUAL CAPITAL“ What you manage you must be able to measure, and what you measure you must be able to manage”. Ulrich, D (1997)There are several approaches for measuringIntellectual capital: (Robert Kaplan & DavidNorton, 1992). Obed 17
  18. 18. • Relative value - The ultimate goal is progress, meaning and quality not a quantitative target.• Balanced scorecard - supplements traditional financial measures with added perspectives such as customers, learning or growth• Competency models - observing and classifying the behaviours of successful employees and the market value of their output Obed 18
  19. 19. • Benchmarking - identifying organizations that are recognized leaders in leveraging their intellectual assets; determining how well they score on relevant criteria, and comparing with yours.• Business worth - evaluation focusing on the cost of missed or undertilized business opportunities• Knowledge bank - treats capital spending as an expense instead of an asset and portion of salaries as an asset because it creates cash flow Obed 19
  20. 20. • Calculated intangible value -compares a company’s return-on-assets with a published average ROA for the industry• Brand-equity valuation -measures the economic impact of a brand (or other intangible assets) on such factors as pricing power, distribution reach, and ability to launch new product’s as line extensions. Source: Jean L. Greaf, The Montagu Institute, 1997. Obed 20
  21. 21. • Beyond the above, Kaplan & Norton suggest managers work at the business from four important perspectives:• a customer perspective – how do customers see the organization?• an internal perspective – what must the organization excell at?• An innovation and learning perspective- can the organization continue to improve and create value?• A financial perspective- how does the organization look to shareholders? Obed 21
  22. 22. 6. HR’S ROLE IN OBTAINING BUILDING AND RETAINING INTELLECTUAL CAPITAL• The ultimate goal of any organization striving towards sustained competitive advantage is to have a workforce with a unique knowledge base.• The HR’s challenge is to obtain, build and retain world- class workforce with the potential to create a competitive advantage. Obed 22
  23. 23. 6.1 OBTAINING INTELLECTUAL CAPITAL• Through recruitment - of individuals with a broad competency base, higher-quality talent and ambition to multiskill.• Developing and unleashing internal human capital - by creating a culture of learning - by rewarding individuals for collecting, sharing, and creating new ideas Obed 23
  24. 24. • Better use of information technology by, - updating present systems - distributing information to different groups by internet or WWW• Mergers and acquisitions - benefiting from knowledge of the new employees• Creating a learning organization - where everyone is busy acquiring and sharing new knowledge Obed 24
  25. 25. 6.2 BUILDING INTELLECTUAL CAPITAL• Continuous improvement and building of the workforce is necessary through: - re-engineering the organization structures and building a knowledge-leveraging strategy - developing a culture where everyone becomes a knowledge leader - making a commitment to management to communicate clearly and share knowledge Obed 25
  26. 26. -developing a framework for capturing knowledge to avoid losing it.-making information systems accessible and easy to use-building technology which is human -centred and focussed on solving problems-creating, capturing and transferring knowledge across internal boundaries; and-providing time and resources for knowledge sharing-tearing down internal barriers to knowledge sharing Obed 26
  27. 27. - providing time and resources for knowledge sharing-tearing down internal barriers to knowledge sharing- The process of building intellectual capital may also require hiring of a chief knowledge officer (CKO), or chief learning officer (CLO). Obed 27
  28. 28. 6.3 RETAINING INTELLECTUAL CAPITAL• How do we prevent knowledge workers from leaving the organization?• The answer lies in obtaining a commitment from employees to stay. What does that require? - Empowering-enabling employees to control decisions on how to do their work - Strategy or vision-offering employees a vision and direction that commits them to working hard Obed 28
  29. 29. -Challenging work-providing employees with stimulating work that develops new skills-Work culture -establishing an environment of celebration, fun, excitement and openness for work accomplished-Shared gains -compensating employees properly for work accomplished-Communication-candidly and frequently sharing information with employees Obed 29
  30. 30. -concern for people - ensuring that each individual is treated with dignity and differences are openly shared-Technology - giving employees the technology to make their work easier-Training and development - ensuring that employees have the skills to do their work well Obed 30
  31. 31. Reference: Chris Brewster at al, Contemporary Issues in Human Resource Management, Oxford University Press Southern Africa Capetown, 2000. Obed 31

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