Abstract
The average cost of a company’s workforce is 36 percent of revenue (Mercer/CFO study). It is by far the largest investment any company makes, and yet it is the asset that executives can be most disorganised about. Human resources are more important than ever since companies can no longer rely on tangible assets as being the major source of competitive advantage. Technologies can be copies, capital can flow easily even during economic downturns, and economies of scale and scope are less critical as small competitors are easily taking on big ones. The last source of competitive advantage is human capital which is why it is so important to have a good hiring system in place.
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