Assets and People
According to Dictionary.com, there are many definitions for the word ASSET, and to understand what I am discussing here, I must become crystal clear on which I am using. Today, we have swung the pendulum so far in the wrong direction that we have lost sight of being human.
Asset: noun
1. a useful, valuable, and desirable thing, person, or quality:
2. A single item of ownership having exchange value.
3. Assets are items of ownership convertible into cash; the total resources of a person or business, such as cash, notes, and accounts receivable; securities, inventories, goodwill, fixtures, machinery, or real estate (opposed to liabilities).
4. Accounting: the items detailed on a balance sheet, especially concerning liabilities and capital. All property is available to pay debts, especially for a bankrupt or insolvent firm or person.
5. Law: Property in the hands of an heir, executor, or administrator is sufficient to pay the debts or legacies of a deceased person.
When used in the context of definition one above, people are not just assets, but the most desirable and valuable assets any company has within its walls. The problem in business is that we have become so ingrained in defining people’s assets that those definitions referred to in numbers 2–5 above devalue everyone.
If you are prone to using the phrase “The people are our most important asset,” then I highly recommend qualifying your definition of asset in the conversation. Even if you qualify your description, be prepared for pushback. This is because redefining ‘asset’ challenges the status quo and may require a shift in mindset and practices. It’s important to anticipate and address these concerns to ensure you live up to your intention.
Too often in business today, assets are primarily disposable property that can be used, moved around, depreciated, and disposed of at will. If you have a Machiavellian mindset as a leader, you will likely put people into this bucket. If you genuinely want to succeed, change your culture to build up people rather than dispose of them.
Likewise, using definition number 1, we can accurately state that “earned trust and respect” are not just emotional assets, but the most significant ones within the organization. They provide the foundation for everything else that breeds sustainable growth, inspiring and motivating everyone in the company.
Takeaway: I’m not particularly eager to dispose of good, grammatically correct words from conversations just because society has chosen a different or distorted definition, so much so that it has become a colloquial standard definition. However, be clear and transparent when you use the term “asset.”
Leadership Question: If you view your people as assets, how do you define them, and is it consistent with your culture? How do your people embrace the definition and celebrate it? By defining and celebrating your people’s value, you empower them and make them feel responsible for their role in the company’s success.
Keys: |Application: Leaders |Status: Tactical |Duration: DNA Embed |Impact: High
