Human Capital Management – What You Should Know
Blog: Human Capital Management
As an HR professional, you must be aware that people are the most valuable asset of any organization. And if they are not managed alias – not engaged, not motivated or not encouraged might just up and leave your organization for greener pastures.
And this is where you need to bring back ‘human’ in your talent management strategy or human capital strategy. Remember at any given point talent would be your major strength – when fighting competitors or achieving goals. After all self-motivated and engaged employees would give their hundred percent to the organization and would take it to the new heights.
But how do you ensure that your people are motivated enough to enjoy their work and engaged enough to take up new responsibilities and work towards them? Simple through the Human Capital Management. But wait what is it and how would it help you in managing the talent in your organization. Read on to know…
Human Capital Management – What Is It?
Let’s understand what is human capital management. As industry insiders describe it, human capital management is a set of practices and techniques, which organization use to meticulously improve recruiting, management and of course performance of employees. All these tools and practices are used by the Human Resource department to ensure a smooth functioning of an organization.
With the constant evolution of the role of HR R department, there was a need for a human capital management software, which helped in achieving the needs and expectations of the workforce that was changing quickly.
It is a given fact that ‘people’ are the most important asset of your organization and human capital management is all about managing this talent. This is where the HR team plays a major role and is considered responsible for managing the personnel, payroll, benefits administration including other operational tasks important for a smooth function.
It is only when the core HR functions run smoothly, employees would have a good experience and would focus on their job responsibilities. And to ensure all is working smoothly, the HR department needs a well-thought and formulated Human Capital Strategy. A strategy that would allow the HR department to focus on the core strengths of each and every employee and work with them accordingly to help them achieve their personal best. In turn, helping the organization in achieving the company’s set goals and achievement.
Some of the best human capital management strategies may include –
1. Identification of the right talent during the recruiting process
2. Offering a healthy support and effectively managing employees throughout their careers
3. Grooming and developing leaders from early on to create a pipeline of leaders
The above three steps are important for human capital strategy, as these steps would be able to guide the human resource department to successfully ensure, human capital strategy is being applied to achieve results. When an HR department is able to identify and recruit the right talent right during the recruitment process, it achieves a quarter of success. And when an HR department is actively involved with employees to keep them engaged and motivated, employees give their best performance and might also be ready to take up the leadership roles in an organization. And all this is a part of a human capital strategy to ensure a smooth functioning of a business house, with no dearth of the right amount of leaders.