02. Empowering the Workforce: Unveiling Human Capital Trends and Practices in Sri Lanka's Top Companies


1        Introduction

In this age of technological disruption, characterized by the continued evolution of the world, competition has never been as tough as it is yet. Recently, successful corporations realised that the most valuable asset to business was not their physical infrastructure or financial capital, It is their human capital. Sri Lanka, currently a major player in the South Asian economy, is experiencing a successful evolution in its companies’ human capital vision.

 


Source (Taylor & Cappelli, 2024)

1.1       Understanding Human Capital

Human Capital is an economic perspective of the knowledge, skills, and experience of the labor force. A company’s continued development is looking heavily reliant on the ability to manage and maximize its human capital (Lassibille & Gómez, 2014). It is intriguing that the corporate sector of Sri Lanka presents a shift towards enhancing human capital for the optimal development and management of the organization (Gunarathne, 2019).

2        Trends and Practices in Sri Lanka's Top Companies

2.1       Talent Acquisition and Retention

The basis of human resource management is the search and preservation of talented employees (Smith & Doe, 2020). Dialog Axiata,and other SL companies, appreciates the importance of attracting and retaining personnel with new skills and mastering. With the help of digital platforms for recruitment and demonstrating its brand, the company shows new employees the concern for their progress in their careers and happiness (Dialog Axiata PLC, 2022) and have leadership development programs where their talented workforce can utilize their leadership capabilities. The companies have an excellent work-life balance that makes their employees happy, and thus more professionals are willing to work with them (Munasinghe, et al., 2020).


Source (Dialog, 2022)

 


Source (Credly, 2024)

Virtusa Corporation and MAS Holdings in Sri Lanka has invested in recruitment policies to recruit workers with the best talent. Not only do they focus on education and other hard skills, but they also consider soft skills, creativity, and the ability to work with people from different background (Wickramasinghe & Perera, 2016).

2.2       Employee Development and Training

Another red-hot trend noted across Sri Lankan firms is heavily investing in developing their employees’ skills . A good example would be Hemas Holdings, one of Sri Lanka’s top conglomerates, offering very detailed learning programs assisted by leading local and international universities (Hemas Holding PLC, 2022).

Additionally, firms like Hayleys Group and John Keels Holdings invest massive considerable efforts, knowing that if their human capital is to continue to be productive and viable, it is vital to training and development (Hayleys PLC, 2023;John Keells Holdings PLC, 2022). Thus, organizations’ resources are specifically focused on systematically viable learning programs that fulfill the firm’s strategic goals (International Labor Organization, 2019).


Source (Hemas Holding PLC, 2022)


Source (MAS, 2019)

 

2.3       Promotion of Diversity

From a human capital perspective, it is important to foster diversity and current trends in Sri Lanka's corporate sector. Virtusa and other companies in Sri Lanka have prioritized creating a diverse workplace, as they believe that diversity can enhance creativity and innovation (Senewiratne, 2023).

Virtusa's "Women in Technology" initiative promotes gender equality by celebrating women's contribution in the IT sector, encouraging a diverse and inclusive workplace culture (Lankage, 2022) 

 


Source (Senewiratne, 2023)

3        Conclusion

To sum up, companies in Sri Lanka are highly aware of their human capital's importance and are thus adopting strategic procedures related to talent acquisition and retention, employee development and training, performance management, and workforce diversity. Going forward, these companies will probably rely on their human capital as a crucial driver for growth. In Sri Lanka's increasingly dynamic and competitive business landscape, human capital will undoubtedly keep being a vital turn in point in the future.

4        References

Credly, 2024. Credly. [Online]
Available at: https://www.credly.com/org/ilm/badge/executive-leadership-dialog-axiata
[Accessed 21 03 2024].

Dialog Axiata PLC, 2022. Annual Report, s.l.: Dialog Axiata PLC.

Dialog, 2022. Dialog News. [Online]
Available at: https://www.dialog.lk/news/dialog-business-services-certified-as-a-great-place-to-work-for-the-3rd-consecutive-year
[Accessed 21 03 2024].

Gunarathne, A. D., 2019. Human Capital Trends 2019. [Online]
Available at: http://www.ft.lk/
[Accessed 21 03 2024].

Hayleys PLC, 2023. Annual Report, Colombo: Hayleys PLC.

Hemas Holding PLC, 2022. Annual Report, Colombo 2: Hemas Holding PLC.

International Labor Organization, 2019. Productivity improvement and human resources development in Sri Lanka, s.l.: International Labor Organization.

John Keells Holdings PLC, 2022. Annual Report, Colombo: s.n.

Lankage, A., 2022. Linkedin. [Online]
Available at: https://www.linkedin.com/pulse/introducing-sri-lankan-women-tech-leaders-newsletter-achini-lankage
[Accessed 21 03 2024].

Lassibille, G. & Gómez, N., 2014. Encyclopedia of Quality of Life and Well-Being Research, Dordrecht: Springer.

MAS, 2019. Executive Development Programme Launch. [Sound Recording].

Munasinghe, M., Fernando, P. & Jayakody, J., 2020. Employees Perceptions towards Work-Life Balance Practices: With reference to Dialog Axiata. International Journal of Scientific and Research Publications, 2(2), pp. 153-160..

Senewiratne, H., 2023. BUSINESSVirtusa Sri Lanka reports above industry-average gender equity rate. [Online]
Available at: https://island.lk/virtusa-sri-lanka-local-organization-with-the-highest-number-of-women-in-ict-sector/
[Accessed 22 03 2024].

Smith, J. & Doe, J., 2020. The Importance of Talent Acquisition and Retention in Human Resource Management.. Journal of Human Resource Management, 25(3), pp. 142-169.

Taylor, D. & Cappelli, P., 2024. Wharton School of the University of Pennsylvania. [Online]
Available at: https://knowledge.wharton.upenn.edu/article/valuing-human-capital-how-small-changes-could-help-firms/
[Accessed 21 03 2024].

 

 

Comments

  1. Milinda PereraMarch 22, 2024 at 1:10 AM

    Your blog  gains practical significance when you include case studies and examples from particular companies like Virtusa Corporation, Hemas Holdings, and Dialog Axiata. Readers will find the material more interesting and relatable if they can see how businesses in Sri Lanka are using human capital techniques through these real-world examples. best of luck 👍

    ReplyDelete
  2. Gowri PereraMarch 22, 2024 at 7:00 AM

    Human capital refers to the labour force's knowledge, abilities, and experience from an economic standpoint. So this is a very interesting topic and you have explained it nicely by getting examples from the leading companies in SL.

    ReplyDelete
  3. Fathima ShazraMarch 22, 2024 at 9:01 AM

    Well Organized.. Good Job..

    ReplyDelete
  4. Rusky AhamedMarch 22, 2024 at 9:04 AM

    It’s evident that companies in Sri Lanka recognize the significance of their human capital. Their strategic focus on talent acquisition, retention, employee development, performance management, and diversity reflects a commitment to organizational growth. As the business landscape evolves, human capital will remain a pivotal factor in shaping success.

    ReplyDelete
  5. Amina MahmoodMarch 22, 2024 at 8:58 PM

    Human capital can be broadly defined as the stock of knowledge, skills and other personal characteristics embodied in people that helps them to be productive. You have clearely explained with srilankan companies examples. A good job keep it up.

    ReplyDelete
  6. Shehan PriyashanthaMarch 23, 2024 at 6:27 AM

    Workforce need to be empowered in every sector and it is what we are lacking nicely explained here

    ReplyDelete
  7. KUMARA WELEGEMarch 23, 2024 at 8:47 AM

    This article is very comprehensive analitical and well present in current context in sri lanka

    ReplyDelete
  8. Sachini HithakshikaMarch 23, 2024 at 8:52 AM

    Good content with practical examples.

    ReplyDelete
  9. Dilshard Hameed March 24, 2024 at 6:59 AM

    Important topic to discuss
    Good work

    ReplyDelete
  10. Krishanthiny KrishnarajMarch 30, 2024 at 10:30 AM

    I appreciate the thoroughness of your research, especially the inclusion of specific companies like Dialog Axiata, Virtusa Corporation, and MAS Holdings. It adds a real-world dimension to your discussion.

    ReplyDelete
  11. Saranga ThilakaratneApril 2, 2024 at 2:40 AM

    Great approach to the subject "Empowering the Workforce". Your article impresses me not only by the content but also how well its designed. You have clearly put a lot of thought into preparing an informative article, and the level of information provided is absolutely amazing.
    Thank you very much for the article.

    ReplyDelete
  12. Tharuka LiyanaarachchiApril 5, 2024 at 7:34 AM

    This comprehensive exploration of human capital trends in Sri Lanka's top companies underscores the critical importance of investing in talent acquisition, employee development, and diversity promotion. It reflects a strategic approach by Sri Lankan firms to harness the potential of their workforce for sustainable growth and competitive advantage.

    ReplyDelete
  13. Tharuka LiyanaarachchiApril 5, 2024 at 8:21 AM

    This insightful blog sheds light on the evolving human capital trends and practices within Sri Lanka's top companies, emphasizing the growing recognition of human capital as a key asset for organizational success. The emphasis on talent acquisition, employee development, and diversity promotion reflects a proactive approach by these companies to nurture and leverage their workforce effectively.

    ReplyDelete
  14. Tharuka LiyanaarachchiApril 5, 2024 at 8:22 AM

    This insightful report sheds light on the evolving human capital trends and practices within Sri Lanka's top companies, emphasizing the growing recognition of human capital as a key asset for organizational success. The emphasis on talent acquisition, employee development, and diversity promotion reflects a proactive approach by these companies to nurture and leverage their workforce effectively.

    ReplyDelete
  15. Sakvithi SenadeeraApril 13, 2024 at 5:43 AM

    Exploring human capital trends in Sri Lanka's top companies unveils a focus on empowerment. From flexible work arrangements to robust training programs, prioritizing employee development fosters engagement and drives organizational growth in the dynamic corporate landscape.

    ReplyDelete
  16. Tharushi ElikewelaApril 14, 2024 at 6:27 AM

    Well description regarding Unveiling Human Capital Trends and Practices in Sri Lanka

    ReplyDelete
  17. Duke PrithivirajApril 14, 2024 at 7:13 PM

    Clearly explained with good key facts

    ReplyDelete
  18. Duke PrithivirajApril 14, 2024 at 7:13 PM

    Clearly explained with good key facts

    ReplyDelete
  19. Dhanushka PathiranaApril 15, 2024 at 2:40 AM

    This blog post provides an insightful and informative overview of the human capital trends and practices in Sri Lanka's top companies. You have done an excellent job of highlighting the key challenges and opportunities faced by HR managers in attracting, training, and retaining the best talent in Sri Lanka's competitive business environment.

    ReplyDelete
  20. sudarshiApril 15, 2024 at 10:56 PM

    Investigating trends in human capital in Sri Lanka's top companies offers creative methods for empowering employees. These businesses prioritize inclusion and talent development in order to promote growth and employee success. well explained article.

    ReplyDelete

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