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Sierra Leone Business: Sierra Leone ranks 117 out of 130 countries – Global Human Capital Report

The Global Human Capital Report released on Wednesday 13th September 2017 by the World Economic Forum (WEF) has ranked Sierra Leone 117 out of 130 countries in the world.
The term Human Capital refers to the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.
According to the WEF, the, “The Global Human Capital Index 2017 ranks 130 countries on how well they are developing their human capital on a scale from 0 (worst) to 100 (best) across four thematic dimensions and five distinct age groups to capture the full human capital potential profile of a country. It aims to be used as a tool to assess progress within countries and point to opportunities for cross-country learning and exchange.”
The four thematic areas according to the report are capacity: which takes into consideration literacy and numeracy; deployment: which deals with the labor force participation; development: dealing with education rate; and Know-how: which deals with skill employment share and economic complexity.
The scores for Sierra Leone in these areas are as follows: capacity: score 27.6 rank 128; deployment: score 74.9 rank 16; development: score 49.5 rank 109; and know-how: score 45.9 rank 99.
Key findings of the report states, “On average, the world has developed only 62% of its human capital as measured by this Index. Or, conversely, nations are neglecting or wasting, on average, 38% of their talent”. Across the Index, there are only 25 nations that have tapped 70% of their people’s human capital or more. In addition, 50 countries score between 60% and 70%. “A further 41 countries score between 50% and 60%, while 14 countries remain below 50%”.
Sierra Leone falls within the 14 countries that score below 50% having a total score of 49.49. According to the report, countries below 50% are nations that are currently leveraging less than half of their human capital.
The top ten of this year’s edition of the Human Capital Index is headed by smaller European countries—Norway (1), Finland (2), Switzerland (3)—as well as large economies such as the United States (4) and Germany (6). Four countries from the East Asia and the Pacific region, three countries from Eastern Europe and Central Asia region and one country from the Middle East and North Africa region are also ranked in the Index top 20.
The report further disclosed that “leaders of the Index are generally economies with a longstanding commitment to their people’s educational attainment and that have deployed a broad share of their workforce in skill-intensive occupations across a broad range of sectors. Unsurprisingly, they are mainly today’s high-income economies. Creating a virtuous cycle of this nature should be the aim of all countries.”
At a regional level, the human capital development gap is smallest in North America, followed by Western Europe, Eastern Europe and Central Asia, East Asia and the Pacific, Latin America, and Middle East and North Africa. The gap is largest in South Asia and Sub-Saharan Africa.
Organizations face a radically shifting context for the workforce, the workplace and the world of work. The Deloitte report 2017 is another report that is based on a survey of more than 10,000 business and human resources (HR) leaders from 140 countries and it reveals how leaders are turning to new organizational models that highlight the networked nature of today’s world of work.
Leaders in this report identified ten key trends of how leaders are turning to new organizational leaders. Firstly, as organizations become digital, they face a growing priority to redesign and rebuild themselves to move faster, adapt more quickly, learn rapidly and embrace dynamic career demands.
Secondly, the new rules call for a learning and development organization that can deliver learning that is always on and always available over a range of mobile platforms.
Thirdly, Recruiting is becoming a digital experience as candidates come to expect convenience and mobile contact. Savvy recruiters will embrace new talent acquisition technologies to connect with candidates and constantly strengthen the employment brand.
Fourthly, rather than focus narrowly on employee engagement and culture, organizations are developing an integrated focus on the entire employee experience using pulse feedback tools, wellness and fitness apps, and integrated employee self-service tools.
Also, across all industries and geographies, companies are re-evaluating every aspect of their performance management programs and aligning the changes to business strategy and the ongoing transformation of work.
“Today, as never before, organizations do not just need more strong leaders, they need a completely different kind of leader — younger, more agile and “digital-ready.”
Furthermore, human resource leaders are being pushed to take on a larger role in helping to drive the organization to “be digital,” not just “do digital.” People analytics is no longer about finding interesting information and flagging it for managers; it is now becoming a business function focused on using data to understand every part of a business operation.
Diversity and inclusion has also been identified as the reality gap. “Fairness, equity and inclusion are now CEO-level issues, but training and education are not working well enough. The new rules focus on experiential learning, process change, data-driven tools, transparency and accountability.
Finally, the future of work: The augmented workforce. Automation, cognitive computing and the role of people as more and more work becomes automated.
By Edna Smalle
Monday September 18, 2017.

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