My name is Iyer Subramanian. My qualifications are as under. Bachelor of Arts, Diploma in Personnel Management and Industrial Relations, Diploma in Labor Laws & Labor Welfare, Diploma in HRM, Diploma in Training & Development. I have around 25 years of experience in HR and write for Express Hospitality, Hospitalitybiz, Business Manager regularly on HR.
Build Your Intellectual Assets
Each and every person can acquire three forms of intellectual capital. These require an investment of study and hard work, but they pay off in terms of higher income for the rest of your life
The first type of intellectual capital you can acquire consists of your core knowledge, skills and abilities. These are the results or a culmination of your education, experience and training. They determine how well you do your job and the value of your contribution to your business in the organization. They can be increased and improved almost without limit throughout your life. Sometimes, the additions of one key skill can double the value of your contribution and your income.
Build Your Internal Knowledge
The second form of intellectual capital that you possess is your knowledge of how your business operates internally in comparison to that of your competitors or any other business.
Each business develops a series of systems, processes, procedures, methods,techniques, and strategies to market, sell, produce, deliver products and services, and satisfy customers. Each business organization has its own political and social structure, its pecking order, which determines the relative importance and power of each person and whom you have to work with to get things done.
Further, each business has internal systems for accounting, administration and financial controls. These systems take many years to develop and considerable time for a new person to learn. Nonetheless, they are often a key part of the “stock in trade” of the company. A person who knows and understands these systems intimately has a form of intellectual capital that is difficult for the company to replace.
When your executive assistant of fifteen or twenty years comes to you and asks for a salary increase, you would definitely realize that to replace him / her would cost you a lot in terms of time, effort, and expense. It might take months or even years to get the right person or even if you are successful in finding a new person it will take a long time for him / her to acquire intellectual capital. His detailed knowledge of every aspect of company’s business, including customers, contacts, contracts, communications, and the complexities of business activities shall take years for him to acquire expertise. Thus, giving him / her a raise is easy as compared to the cost of replacing the person concerned with someone else.
Build Your Ability to Get Results
The third form of intellectual capital that you possess, and that is perhaps the key determinant of your earning ability, is your knowledge and understanding of how you can get financial results in a competitive market. This includes your knowledge of your products and services and how to sell them. It includes your knowledge of customers and suppliers and how to deal with them. It embraces your familiarity with bankers, lawyers, accountants, government officials and how to interact with them effectively. This form of intellectual capital may take years and years to build, and it is extremely valuable to your organization.
Your first responsibility to yourself is to develop your earning ability to a high level. You do this by continually increasing your intellectual capital, by upgrading your ability to do your job, becoming a valuable part of your organization, and by getting more and better financial results for your organization
By regularly attending office, performing the routine / mundane jobs year after year, getting struck in trivial functions, failing to understand the difference between important & urgent jobs, no significant contribution in terms of results for the company, not understanding the rudimentary principles involved in the business, failing to upgrade academically, technically or otherwise, not clear about your business, its processes, its techniques, products, competitors & customers may reduce you insignificantly in your own estimation & also in the eyes of your management.
The above said article has been written by Iyer Subramanian working with Bombay Chamber of Commerce and Industry. E Mail: iyerpdkgnm@yahoo.com
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