BSBLED710A Develop human capital

Revision Number: 1

BSBLED710A Develop human capital

Modification History

Not applicable.

Unit Descriptor

Unit descriptor	This unit describes the performance outcomes, skills and knowledge required to identify human capital; to consult on the advantages of human capital with internal and external stakeholders or collaborative partners; and to develop and monitor the capital value attained through implementation of development activities. No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.

Application of the Unit

Application of the unit	This unit applies to senior leaders or managers working to enhance individual, team and organisational capabilities. While not all senior leaders and managers will operate within an organisation that acknowledges and treats people as a capital asset, training and related people development activities may be advanced by considering principles and practices relating to the concept of human capital. The unit may relate equally to small scale learning activities within a small to medium sized organisation or a significant activity in a large organisation.

Licensing/Regulatory Information

Not applicable.

Pre-Requisites

Prerequisite units

Employability Skills Information

Employability skills	This unit contains employability skills.

Elements and Performance Criteria Pre-Content

Elements describe the essential outcomes of a unit of competency.	Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide.

Elements and Performance Criteria

ELEMENT	PERFORMANCE CRITERIA
1. Identify human capital	1.1. Analyse and evaluate the principles of human capital theory and concepts 1.2. Assess the factors involved in the formation of human capital 1.3. Determine the capital asset value of human resources in an organisation, an industry or a region 1.4. Determine the relationship between human capital and organisational requirements
2. Consult on the advantages of human capital development	2.1. Develop and prioritise strategies for deploying human capital development strategies to support the organisation training needs profile in consultation with key stakeholders 2.2. Negotiate with key stakeholders on opportunities for collaborative human capital development projects
3. Develop and monitor human capital development	3.1. Complete human capital needs analysis and development planning according to organisational requirements 3.2. Analyse and interpret information and data on human capital gaps and forecasts 3.3. Implement options and strategies to develop, attract and retain talent 3.4. Implement options and actions to optimise asset value of human resources in relation to organisational strategic imperatives 3.5. Determine talent and develop the potential of human capital required to meet organisational requirements 3.6. Promote the capacity of the organisation, team and individual employees to achieve strategic and personal advantage through effort to develop human capabilities

Required Skills and Knowledge

REQUIRED SKILLS AND KNOWLEDGE
This section describes the skills and knowledge required for this unit.
Required skills
communication skills to: research and analyse data communicate ideas and organisational policies and procedures seek opinions and to elicit feedback from a range of stakeholders maintain appropriate relationships with colleagues and production staff value and be open to, the opinions of others work as part of a team use active listening techniques negotiate planning and organising skills to prepare and consult on a human capital development plan problem-solving, initiative and enterprise skills to: evaluate talent and human capital requirements undertake integrative thinking conceptualise and synthesise complex concepts self-management and learning skills to maintain records on talent and human capital for a work group or operational area technology skills to complete online research or data collection, and to develop and monitor human capital value using basic computer applications.
Required knowledge
communication processes and methods data collection methods human capital audit and assessment human capital development planning methodologies methods to value human capital organisational knowledge assets and capital reporting processes relationship of human capital to knowledge management and reporting relevant legislation, codes and by-laws that affect business operations, especially in regard to occupational health and safety (OHS) and environmental issues, equal opportunity, industrial relations and anti-discrimination.

Evidence Guide

EVIDENCE GUIDE
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit	Evidence of the following is essential: accurate assessment of human capital value in an organisation through human capital analysis and measurement documentation relating to data collection, and analysis of human capital and relationship to an organisation's knowledge management and human capital strategy documentary evidence of human capital audit and production of a talent development plan input from a wide range of sources providing evidence in respect to a broad range of activities and situations knowledge of human capital audit and assessment.
Context of and specific resources for assessment	Assessment must ensure: access to an actual workplace or simulated environment competence is consistently demonstrated over time, and over a range and variety of situations access to appropriate documentation and resources normally used in the workplace.
Method of assessment	A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit: direct questioning combined with review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate completion of applied projects or learning activities - such as examining the relationship between human capital and human resource development; knowledge and organisational learning; talent attraction and development; and human capital and organisational agility completion of an action research project isolating the relationship of human capital to an organisation's intellectual and knowledge capital direct observation of contextual application of skills oral or written questioning to assess knowledge of methods to value human capital.
Guidance information for assessment	Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example: BSBFIM701A Manage financial resources BSBLED702A Lead learning strategy implementation PSPHR616A Manage performance management system PSPMNGT614A Facilitate knowledge management.

Range Statement

RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Human capital is the:	capital asset value of knowledge vested in the individual that can be deployed to maximise organisational and industry competitiveness
Capital asset value is the:	determination of the value a business may derive from any stock of assets it owns, which can be deployed to create income, or from which interest and future value can be derived
Organisational requirements may include:	access and equity principles and practices business and performance plans collaborative partnerships and arrangements confidentiality requirements defined resource parameters ethical standards goals, objectives, plans, systems and processes legal and organisational policies, guidelines and requirements OHS policies, procedures and programs organisational sociocultural circumstances and issues (for example, within Indigenous organisations) quality and continuous improvement processes and standards quality assurance and procedures manuals recording and reporting procedures
Organisation training needs profile may include:	areas where staff may require further development linked to the organisation's goals and reflect: age profile composition - full-time, part-time, casual formal education and training backgrounds gender ratio language and cultural backgrounds occupational groups organisational change programs roster and shiftwork arrangements
Key stakeholders may include:	customers instructional designers instructors learners management and staff members of the public peers public agencies, especially regulators suppliers and learning partners
Human capital needs analysis is the:	determination of the gap between the human capital an individual, group, organisation or wider grouping (e.g. society or industry) requires as opposed to what is currently available
Information and data analysis will usually occur through deployment of:	business technology software applications able to assess human capital analysis methods such as: data sampling feedback on results peer review qualitative and quantitative processes review of previous research statistical analysis
Options for the purposes of human capital development planning may include:	availability of resources, such as financial resources, and information technology and systems consultancy services developing in-house capacity to meet identified needs identifying training or assessment organisations to meet needs identifying specific units of competency, Australian Qualifications Framework (AQF) qualifications or skill sets to meet needs time lines urgency
Talent concerns the:	total potential an individual brings to an organisation within both current and future contexts
Capacity includes:	all innate and explicit competencies and capabilities able to be deployed to achieve desired outcomes in both current and future contexts

Unit Sector(s)

Unit sector

Competency field

Competency field	Workforce Development - Learning and Development

Co-requisite units

Co-requisite units