“Bang, W*** sekarang berapa harganya?” Saya kemarin bertanya kepada anggota tim saya di L&D (Learning & Development) Unit pada jam istirahat di Kantor. Saya memanggilnya dengan sebutan ‘Bang’ padahal usianya jauh lebih muda dari saya, agar terasa lebih akrab (dan kebetulan dia berasal dari Sumatra Utara). Saya menanyakan saham dari sebuah perusahaan konstruksi yang diperdagangkan di lantai Bursa Efek Indonesia. “Turun terus pak, investor asing terus jualan”, ujarnya. Menurut bisnis.com januari 2018, komposisi investor lokal di pasar modal menunjukkan ada peningkatan sedikit yaitu 54%, sedangkan sisanya adalah investor asing sebanyak 46%. Walaupun begitu, aktivitas investor asing masih sangat berpengaruh dalam naik turunnya harga saham di Bursa.
Investor (asing maupun domestik) memiliki alasan yang kuat dalam pengambilan keputusan untuk berinvestasi. Saya mengingat kembali belakang, di awal tahun ini perusahaan tersebut mengalami beberapa peristiwa yang tidak menguntungkan, bukan saja menurunnya ekspektasi pendapatan dan profit di laporan kwartalnya dibanding tahun lalu, tetapi ada juga faktor restrukturisasi (pergantian manajemen) dan musibah (kecelakaan yang terjadi di dalam proyek). “Coba bang dilihat, apakah saham ini sekarang sudah murah? Atau masih mahal?” Tanya saya kembali. “Sebentar, Pak saya lihat. Menurut Price to Earning Ratio dan Price to Book Value nya menunjukkan bahwa saham ini masih murah” jawab teman saya tadi. “Tunggu sebentar lagi, moment nya. Jika grafiknya sudah menyentuh garis batas oversold, Bapak bisa ambil (beli)”, lanjutnya.
Dalam kaitannya dengan instrumen atau produk di dunia investasi, kita mengenal istilah ‘harga atau nilai wajar’. Jika sebuah instrument investasi (apakah itu saham atau surat berharga lainnya) memiliki nilai di atas nilai wajar, maka para investor akan menganggap instrument tersebut kemahalan. Logikanya jika ada seorang yang menjual mobil sedan mercy C200 keluaran tahun 2000 yang harga wajarnya Rp 50 juta ditawarkan dengan harga Rp 80 juta, tentunya para calon pembeli akan menganggap itu kemahalan. Mereka akan menghindar / tidak tertarik. Tetapi sebaliknya jika ada seorang yang ingin menjual mobil yang nilai wajarnya Rp 150 juta dan dia menawarkan seharga Rp 90 juta (karena suatu alasan butuh uang), maka mobil itu akan terasa ‘terlalu murah’, akibatnya para calon pembeli akan segera ‘memburu’ mobil tersebut. Jika dijual kembali seharga Rp150 juta (nilai wajarnya) akan berpotensi untuk mendapat selisih (keuntungan) lumayan, kan?
Intinya, jika sebuah produk investasi atau saham terlalu mahal, investor yang sudah memiliki saham tersebut akan cenderung menjual dulu (mumpung harga sedang tinggi, ambil untuh dulu, deh). Calon investor yang ingin membeli akan menjauh, menunggu ketika harganya turun, baru dia membeli (di harga sedang rendah). Aksi jual yang banyak dari para investor akan berakibat kepada turunnya harga. Sebaliknya jika saham terlalu murah, investor akan segera memburu saham tersebut (membeli) dengan harapan bahwa ketika harga nya naik, maka mereka bisa menjualnya (mengambil untung).
Ibarat karet gelang, jika kita tarik ke bawah, maka karet tersebut akan cenderung kembali ke ukuran semula ketika dilepas, sebaliknya jika kita tarik (direnggangkan ke atas) maka karet tersebut juga akan cenderung kembali ke ukuran wajarnya. Begitu pula harga saham. Akan cenderung kembali ke harga ‘wajar’nya. So, jika kita ingin berinvestasi di pasar saham, pilihlah saham-saham perusahaan yang nilainya murah (dibanding nilai wajarnya). Seperti yang dikatakan oleh Warren Buffet, seorang pakar investasi, “It’s far better to buy a wonderful company at a fair price, than a fair company at a wonderful price”.
[Catatan : saya ingin mengingatkan bahwa kita harus dapat membedakan antara saham murah dengan saham murahan. Kedua, di pasar modal ada saham yang murah secara fundemental tetapi tidak layak investasi. Agar fokus ke ide utama, sengaja saya tidak bahas di sini]
Nah, sekarang, boleh ya saya menggeser konteks, dari dunia investasi, sekarang ke dunia Human Capital. Ternyata seseorang karyawan bisa dibilang kemahalan atau kemurahan jika dilihat dari penghasilan (gaji dan bonus). Jika dalam dunia investasi mengukurnya relatif mudah (data kuantitatif dan valid tersedia), lalu bagaimana dengan pengukuran seseorang karyawan?
Wait, sebelum membahas lebih jauh, kita refresh dulu yuk mengenai Human Capital (HC). Human Capital adalah pengetahuan, keterampilan, kemampuan, kapasitas untuk berkembang yang melekat pada karyawan di perusahaan. Jika dalam kaidah Sumber Daya Manusia (SDM atau Human Resources) faktor manusia dianggap sebuah cost atau biaya, di Human Capital, manusia dianggap sebuah capital atau modal yang bisa digunakan untuk meningkatkan nilai perusahaan. Dalam proses recruitment, perusahaan akan mencari orang yang bernilai tinggi (Competitive, competent dan contributive) agar potensi meningkatnya nilai perusahaan semakin tinggi pula.
Bagaimana perusahaan dapat mengukur human capital seorang karyawan? Untuk mengukur, dibagi menjadi dua bagian. Yang pertama adalah pada sebelum karyawan diterima bekerja di perusahaan dan yang kedua adalah ketika karyawan sudah bekerja di perusahaan. Sebelum seseorag karyawan direkrut untuk menjadi organ perusahaan, calon karyawan akan di saring terlebih dahulu dengan beberapa proses tahapan rekrutmen, yaitu yang pertama adalah seleksi administrative, kemudian adalah psikotes, lalu tes tertulis, wawancara dengan HRD, wawancara dengan user (unit kerja yang membutuhkan), tes kesehatan dan yang terakhir adalah negosiasi gaji.
Dari hasil-hasil tes tersebut di atas, akan terlihat hasil dari pengetahuan, ketrampilan, potensi atau kemampuan dan kapasitas berkembang seorang calon karyawan. Maka dalam proses negosiasi gaji, perusahaan sudah dapat me-mapping karyawan mana yang layak diterima dan tergambar pula mana karyawan yang kemahalan (meminta gaji, upah dan atau bonus terlalu tinggi dengan kompetensi tidak sepadan) dan kemurahan, calon karyawan yang meminta gaji di bawah standar perusahaan. Ingat, kita bisa bedakan karyawan murah dengan karyawan yang murahan.
Di bagian ini, calon karyawan memang tidak mengetahui apakah gaji yang diminta terlalu rendah atau tinggi kecuali ada informasi sebelumnya mengenai range gaji di perusahaan tersebut atau pada saat petugas HRD memberitahu langsung pada saat negosiasi. Jika sudah mengetahui sebelumnya dan tetap meminta gaji lebih tinggi calon karyawan seharusnya memiliki evidence yang cukup dalam membuktikan bahwa di level itulah harga wajarnya (sebagai bargaining power). Evidence-evidence seperti aset
network yang baik dan serangkaian pengalaman-pengalaman dalam membuat project yang sukses di perusahaan sebelumnya, akan membuat harga yang sebelumnya dianggap terlalu mahal menjadi ‘harga wajar’.
Lalu bagaimana menentukan nilai seorang karyawan yang sudah bekerja di perusahaan? Perusahaan memiliki penilaian kinerja yang terwujud dengan adanya KPI Individu. Di dalam KPI individu ini terdapat ukuran-ukuran yang menggambarkan kinerja masing-masing karyawan. Dalam KPI, akan terlihat karyawan mana yang wajar diberikan bonus atau jabatan lebih tinggi dan mana yang tidak. Karyawan yang benar-benar bekerja dengan baik seharusnya dihargai dengan baik oleh perusahaan dan sebaliknya, karyawan yang berkinerja kurang baik tidak akan mendapat imbalan yang baik. Penilaian kedua adalah melakukan assessment yang secara berkala dilakukan.
Untuk mengetahui apakah penghasilan kita (yang didapatkan dari perusahaan) sudah wajar atau tidak, bisa dilihat dari informasi dari perusahaan lain. Data-data mengenai hal tersebut biasanya tersedia dalam kajian-kajian dari konsultan HR atau lembaga riset. Lalu bagaimana jika kita bisa menyadari bahwa penghasilan yang kita terima terlalu tinggi (dilihat dari kapasitas knowledge dan skill dalam tuntutan pekerjaan)? Jawabannya adalah, pertama kita bersyukur dahulu kepada Tuhan, tetapi berhubung kondisi ini tidak berlangsung lama (somehow akan cepat terdeteksi) maka kita harus memantaskan diri dalam peningkatan kompetensi (knowledge, skill and attitude). Tambahlah wawasan dengan membaca buku baru, mengikuti pelatihan atau online webinar. Berpartisipasi dalam sebuah project sangatlah membantu dalam peningkatan skill. Dengan upaya untuk meningkatkan kompetensi secara terus menerus dan tergabung dalam project , maka nilai Human Capital akan terangkat.
Jadi mulai sekarang, selalu ciptakan kondisi di dalam diri bahwa kita harus memiliki nilai tinggi di mata perusahaan. And everything else will adjust….
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