Starting up with the introduction of intellectual capital, in this article further, we'll discover what are the benefits of the intellectual capital that we can enjoy. To get to know about the intellectuals, you need to first analyze the financial capital of your own company which is the total money withheld by your company. This will be the capital that can be accessed by your company and also the valuation of the things that your company owns.
Intellectual capital is something like that but the only difference is that it contains knowledge instead of money. So that you can call it all the knowledge that a company in total has. So intellectual capital will include all the knowledge that is working in your company. This will also include the intellect of every employee of your company. It can be also termed as a reference whereby anyone can compare the knowledge or intellectuals in two different companies.
So intellectual capital is a value that indicates the knowledge, skills, training, etc of the employees of the company. It also includes all the other vital information that adds up to the competitive advantage of the company.
This capital of any company is included in the assets of the company. It can also be referred to as the resources or the collection of informative resources that a company uses to drive the profits and growth of the company. Hence this is the sum of the expertise of all the employees and all the intelligence that serves the company's growth.
The Benefit of Intellectual Capital
You can never name a single business that works without intellectual capital. All the businesses in the world must require the knowledge captured in their employees. Also, the success and the growth of your business are directly related to intellectual capital. So this means the proper functioning of the business depends upon the knowledge of your employees.
Even the bigger companies in the world have understood the importance of intellectual capital and even for them, this matters more than any other thing in the business. Successful companies invest a great amount in the training of their employees and to increase the intellectual capital of the company. So every company owner must understand that intellectual capital investment matters a lot.
If the company makes sure about the proper investment in the intellectual capital, the success of the company is ensured. This is because when the company will have highly trained and knowledgeable employees, the work efficiency will ultimately increase and the outcome will be increased and will be positive as well. This is the major reason the company must consider investment in intellectual capital.
But you must also consider what kind of training the employees require. It shouldn't be the old method of formal training but should be something new, interactive and informal. Further, we'll also learn about these Steps.
Types of Intellectual Capital
Now let us go through the various types of intellectual capital of a company. So intellectual capital is majorly divided into three parts:
Human Capital: This type of capital of the company includes all the knowledge as well as the experience within the employees working in the organization. This kind of capital majorly includes their educational qualification, work experience, etc, and can be improved by extra training.
Relationship Capital: Relationship Capital deals with all the relationships that an organization has. This relationship can be with the employees, the suppliers, the customers, shareholders, etc.
Structural Capital: This type of capital refers to the core structure of the company that includes its mission statement, company culture, policies, and structure.
How Social Learning Can Grow Intellectual Capital
Although intellectual capital is one of the most vital organs or the most crucial assets of the company that can be considered as the foundation of the growth of the company, still we can observe that in many companies it's been declining. The lower rate of intellectual capital not only is becoming a big problem but also constantly making the organization lose the knowledge and hence the success. So here are some of the major steps that can help you out to share knowledge and keep it safely within the borders of the company.
Organize Groups for Discussion
The way we used to do it in school has to be repeated in the workplace. The workplace must adopt a learning management system to keep knowledge secure. The company should have a discussion place where employees can share each other's ideas and knowledge. Or you can also use social media platforms to create a space or group for this kind of discussion whereby you can also keep a record of the company's intellectual capital.
Give importance to Informal Learning
The research suggests that, whatever we grasp, 70% is the result of the informal discussion and 10% is the part of the formal training that we attend. So if a company wants to invest in intellectual capital then they need to focus on social learning. The employees will be more easily able to share the leathers and knowledge through social learning platforms.
Get to Know the Expert of the Subject
Thanks to the technology that you can now very easily identify the subject matter so that whenever the employees have difficulties with any aspects they can easily contact the experts. This can be a beneficial way to invest in social learning. In this way, you'll be able to make the team members share their knowledge and experience.
Effective Content Creation
Content created by the learners helps them to make the learning relevant. This also makes them free of the other burden such as completing the courses that no longer need to be done. Instead of those, they can work with the learners to create a good company culture and relevant learning environment.
Hence, a company's intellectual capital is the key point behind the success of the company. But having it doesn't mean you're always going to have it. You must need to capture and curate the knowledge locked within the people. You need to follow the maximum possible ways in which the intellectual knowledge of your company does not decline in any way.